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Capital One Agents $110.5MM Loan for Spectrum Professional Services Acquisition

May 06, 2016, 07:41 AM
Filed Under: Healthcare

Capital One Healthcare announced it served as administrative agent and lead bookrunner for a $110.5 million senior secured credit facility to support the acquisition of Spectrum Professional Services by an investor group led by Beecken Petty O’Keefe and Company.   

Spectrum Professional Services is a leading provider of rehabilitative therapy management and consulting services, with over 500 customers throughout the United States.  They include a wide range of post-acute care providers, including skilled nursing, independent and assisted living facilities, continuing care retirement communities, outpatient rehab centers, and home health agencies. Current management retains significant ownership and will continue to lead the company through its next phase of growth.

Founded in 1996, Beecken Petty O’Keefe & Company is one of the nation’s most experienced investors in the healthcare industry.  The firm has invested in numerous provider, manufacturing, outsourcing, distribution, and information technology companies through growth equity, management buyouts, and leveraged recapitalizations. 

“We believe that the terms of this acquisition position Spectrum to meet the surge in demand for rehabilitative therapy services over the next decade,” said John Heller, Spectrum Professional Services President and CEO. “The Capital One Healthcare team knows both parties well, so when it was time to execute the debt financing, they were able to move quickly and implement a successful syndication.”

“Joining forces with Beecken, Petty O’Keefe & Company will help Spectrum attain its long-term objectives,” said Paul Shaw, Spectrum’s President.  “The management team at Spectrum looks forward to working within this strong new framework to execute the next phase of the company’s growth.” 
“We have worked closely with both parties,” said Al Aria, Senior Managing Director of Capital One Healthcare’s corporate finance team, “and we were uniquely positioned to provide an attractive structure to finance the acquisition. We look forward to collaborating further with them and to continue to support their growth objectives.”

Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors—including long term care, pharmaceuticals, medical devices, hospitals and outpatient services, healthcare IT and medical properties —rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives.

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