O2 Sponsor Finance Provides Over $22.8 Million of Secured Financing to Support Cairngorm Capital Partners LLP and SageHome Inc. in Their Acquisition of New Bath Today Inc.

Rhea-AI Summary

Old Second Bancorp announced that its O2 Sponsor Finance division provided over $22.8 million in secured financing to assist Cairngorm Capital Partners and SageHome Inc. with their acquisition of New Bath Today Inc. This acquisition aims to enhance services for aging seniors by bridging healthcare and home modification. SageHome specializes in home services allowing seniors to live independently, while New Bath Today focuses on bathroom renovations, particularly for safety. The deal anticipates growth in the senior living market.

Positive

• Acquisition expected to enhance service offerings for aging seniors.
• SageHome's mission aligns with growing demand for independent living solutions.
• Cairngorm's investment provides management expertise to bolster growth initiatives.

Negative

• None.

CHICAGO, IL / ACCESSWIRE / July 11, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it provided over $22,800,000 of secured financing to support Cairngorm Capital Partners LLP ("Cairngorm") and SageHome Inc. ("SageHome") in their acquisition of New Bath Today Inc. ("NBT").

Headquartered in Atlanta, Georgia, SageHome bridges the significant gap between healthcare and proactive home modification. It combines professional design and installation teams, with occupational therapists' expertise, to create a stylish, functional and safe living space that allows seniors to remain independent in their homes. SageHome offers a rapid service to homeowners who are proactively preparing their homes to allow them to age-in-place comfortably, and also provides services to individuals who are transitioning from care facilities to their own home. SageHome's mission is to provide a full service, national solution to the market, which will enable seniors and people with disabilities to live independently at home and will help to reduce hospital admissions and readmissions across the US.

SageHome's first acquisition, New Bath Today Inc. ("NBT") is an award winning bathroom renovation specialist, with particular focus on the wet area of the bathroom - one of the key risk areas in the home for aging seniors. Headquartered in Indianapolis, Indiana and currently serving six states across the Midwest, NBT provides elegant bathroom solutions, such as walk-in baths and low threshold showers, which can be installed within a day with minimum disruption to homeowners.

"We are excited to partner in Cairngorm's investment with SageHome in New Bath Today, to help support and grow their initiatives for an aging-in-place offering," said Thom Karle, Senior Vice President of O2 Sponsor Finance. "NBT's product array and talented team position it strongly for future growth."

About Cairngorm Capital Partners LLP (London, United Kingdom): Cairngorm is a specialist private investment firm providing equity capital and management expertise to leading companies. It invests in strongly performing, private mid-market growth companies in manufacturing, distribution and service industries. Cairngorm Capital's buy, build and transformation expertise, gained from growing other assisted living businesses, such as Millbrook Healthcare, will support SageHome's ambition to execute an accelerated growth strategy.

About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $100 million in revenue and between $2 million and $10 million in EBITDA. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of lower middle market companies. www.O2sponsorfinance.com.

About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years of operation in 2021. Old Second's common stock trades on The NASDAQ Stock Market under the symbol "OSBC". More information about Old Second is available by visiting the "Investor Relations" section of its website www.oldsecond.com.

Old Second National Bank, Member FDIC, was recently named number one among "Best Bank in Illinois 2021." This was the second straight year the bank was selected by customers for the award. Awards are determined based on a survey of over 25,000 U.S. customers who rate banks on overall satisfaction as well as trust, terms and conditions, branch services, digital services and financial advice.

As of March 31, 2022, Old Second has approximately $6.2 billion in assets, $5.5 billion in deposits and $3.4 billion in loans.

CONTACT:

Doug Wickham
630.859.7727

SOURCE: Old Second Bancorp Inc.

View source version on accesswire.com:
https://www.accesswire.com/708136/O2-Sponsor-Finance-Provides-Over-228-Million-of-Secured-Financing-to-Support-Cairngorm-Capital-Partners-LLP-and-SageHome-Inc-in-Their-Acquisition-of-New-Bath-Today-Inc

FAQ

What is the financing amount provided by Old Second Bancorp for the acquisition?

Old Second Bancorp provided over $22.8 million in secured financing.

What companies are involved in the acquisition?

The acquisition involves Cairngorm Capital Partners, SageHome Inc., and New Bath Today Inc.

What is the significance of the acquisition for SageHome Inc.?

The acquisition aims to enhance SageHome's offerings in home modification for seniors, promoting independent living.

What does New Bath Today specialize in?

New Bath Today specializes in bathroom renovations, focusing on safety solutions for aging seniors.

How does this acquisition impact Old Second Bancorp's stock symbol OSBC?

While the press release does not directly mention OSBC's stock impact, the financing could indicate growth potential related to the senior living market.