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Barings Provides Recap Financing to TA Associates

February 23, 2017, 07:00 AM
Filed Under: Software

Barings, an asset management firm, announced that it served as lead agent and provided senior credit facilities to support TA Associates in minority recapitalization of Retriever Medical/Dental Payments LLC (“Retriever”).

Founded in 1993 by Frank Shiner, Retriever is a leading electronic-payment company focused exclusively on the healthcare market. The Company provides payment processing services and software to 15,000 healthcare providers, including medical and dental practices, hospitals and veterinary clinics throughout the U.S. Retriever is based in Valhalla, New York.

“TA Associates is pleased to collaborate with Barings’ Global Private Finance Group on our investment in Retriever,” said M. Roy Burns, a managing director at TA Associates. “We greatly value Barings’ deep expertise in providing capital solutions to the middle market, and believe its responsiveness and ability to provide surety to close were critical factors in completing this transaction in a timely manner.”

“Barings believes that through its proprietary software, Practice Management Bridge ®, Retriever offers its healthcare clients a unique integration between the clients ERP system and the payment processing function,” said Mark Hindson, managing director in Barings’ Global Private Finance Group. “We look forward to supporting Retriever’s growth plans as well as working with TA Associates on future investments.”

“For over two decades we have supported TA Associates’ investments,” said Brian C. Baldwin, managing director in Barings’ Global Private Finance Group. “We are excited about Retriever’s prospects as the management team, led by Dominick Colabella, taps TA Associates’ deep experience in electronic payments and healthcare services to leverage Retriever’s already strong position in the healthcare-payment marketplace.”

Barings LLC served as Administrative Agent.  Ares is also a lender in the senior secured credit facility.

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