Prospect Capital Corporation Provides First Lien Senior Secured Term and Convertible Loans to Support the Acquisition of Druid City Infusion by Inlet Road Capital Management
Prospect Capital (NASDAQ: PSEC) has provided first lien senior secured term and convertible loans to support the acquisition of Druid City Infusion by Inlet Road Capital Management. Druid City, a leading ownership group within the Vital Care Infusion Services franchise system, operates nine territories across the South and Mountain West regions of the United States. Vital Care is a national home infusion platform with over 160 infusion pharmacy locations in 35 states.
The acquisition aims to enhance Druid City's commitment to patient care and service delivery. Inlet Road partners highlighted Prospect's ability to create a comprehensive financing solution and its collaborative approach as key factors in choosing them for the transaction. Prospect expressed optimism about Druid City's future performance and its value proposition in delivering pharmacy and infusion services.
Prospect Capital (NASDAQ: PSEC) ha fornito prestiti term e convertibili senior garantiti di primo grado per supportare l'acquisizione di Druid City Infusion da parte di Inlet Road Capital Management. Druid City, un gruppo di proprietà leader all'interno del sistema di franchising Vital Care Infusion Services, gestisce nove territori nelle regioni del Sud e del Mountain West degli Stati Uniti. Vital Care è una piattaforma nazionale di infusioni domestiche con oltre 160 farmacie di infusioni in 35 stati.
L'acquisizione mira a migliorare l'impegno di Druid City nella cura dei pazienti e nella fornitura di servizi. I partner di Inlet Road hanno sottolineato la capacità di Prospect di creare una soluzione di finanziamento completa e il suo approccio collaborativo come fattori chiave nella scelta di loro per la transazione. Prospect ha espresso ottimismo riguardo alla performance futura di Druid City e alla sua proposta di valore nella fornitura di servizi di farmacia e infusioni.
Prospect Capital (NASDAQ: PSEC) ha proporcionado préstamos convertibles y a plazo garantizados senior de primer trámite para apoyar la adquisición de Druid City Infusion por Inlet Road Capital Management. Druid City, un grupo líder de propiedad dentro del sistema de franquicias Vital Care Infusion Services, opera en nueve territorios en las regiones del Sur y del Mountain West de los Estados Unidos. Vital Care es una plataforma nacional de infusiones a domicilio con más de 160 ubicaciones de farmacias de infusión en 35 estados.
La adquisición busca fortalecer el compromiso de Druid City con la atención al paciente y la prestación de servicios. Los socios de Inlet Road destacaron la capacidad de Prospect para crear una solución de financiamiento integral y su enfoque colaborativo como factores clave en su elección para la transacción. Prospect expresó optimismo sobre el rendimiento futuro de Druid City y su propuesta de valor en la entrega de servicios de farmacia e infusión.
프로스펙트 캐피탈(NASDAQ: PSEC)은 인렛 로드 캐피탈 매니지먼트가 드루이드 시티 인퓨전을 인수하는 데 필요한 첫 번째 담보 우선 대출과 전환 대출을 제공했습니다. 드루이드 시티는 Vital Care Infusion Services 프랜차이즈 시스템 내의 주요 소유 그룹으로, 미국 남부 및 마운틴 웨스트 지역에 걸쳐 아홉 개의 지역을 운영하고 있습니다. Vital Care는 35개 주에 160개 이상의 약국 인퓨전 위치를 보유한 국가 주거 인퓨전 플랫폼입니다.
이번 인수의 목표는 드루이드 시티의 환자 관리 및 서비스 제공 의지를 강화하는 것입니다. 인렛 로드 파트너들은 프로스펙트가 포괄적인 금융 솔루션을 제공하는 능력과 협력적인 접근 방식이 거래를 위한 파트너로 선택한 주요 요소라고 강조했습니다. 프로스펙트는 드루이드 시티의 향후 성과와 약국 및 인퓨전 서비스 제공에서의 가치 제안에 대한 낙관적인 입장을 보였습니다.
Prospect Capital (NASDAQ: PSEC) a accordé des prêts à terme et des prêts convertibles sécurisés par premier rang pour soutenir l'acquisition de Druid City Infusion par Inlet Road Capital Management. Druid City, un groupe de propriétaires de premier plan au sein du système de franchise Vital Care Infusion Services, gère neuf territoires dans les régions du Sud et des Montagnes Rocheuses des États-Unis. Vital Care est une plateforme nationale d'infusion à domicile avec plus de 160 sites de pharmacie d'infusion dans 35 États.
Cette acquisition vise à renforcer l'engagement de Druid City envers les soins aux patients et la prestation de services. Les partenaires d'Inlet Road ont souligné la capacité de Prospect à créer une solution de financement complète et son approche collaborative comme des facteurs clés dans le choix de leur part pour cette transaction. Prospect a exprimé un optimisme quant à la performance future de Druid City et à sa proposition de valeur dans la fourniture de services de pharmacie et d'infusion.
Prospect Capital (NASDAQ: PSEC) hat vorrangige, senior gesicherte Terminkredite und wandelbare Darlehen bereitgestellt, um die Übernahme von Druid City Infusion durch Inlet Road Capital Management zu unterstützen. Druid City, eine führende Eigentümergruppe innerhalb des Vital Care Infusion Services Franchise-Systems, betreibt neun Gebiete in den Südstaaten und den Rocky Mountains der Vereinigten Staaten. Vital Care ist eine nationale Plattform für häusliche Infusionen mit über 160 Infusionsapothekenstandorten in 35 Bundesstaaten.
Die Akquisition zielt darauf ab, das Engagement von Druid City für Patientenversorgung und Servicebereitstellung zu stärken. Die Partner von Inlet Road hoben die Fähigkeit von Prospect hervor, eine umfassende Finanzierungslösung zu schaffen, sowie ihren kollaborativen Ansatz als entscheidende Faktoren bei der Wahl für die Transaktion. Prospect äußerte Optimismus hinsichtlich der zukünftigen Leistungsfähigkeit von Druid City und deren Wertangebot bei der Bereitstellung von Apotheke und Infusionsdiensten.
- Prospect Capital provided first lien senior secured term and convertible loans for the acquisition
- Druid City Infusion operates nine territories within the Vital Care franchise system
- Vital Care has a national presence with over 160 infusion pharmacy locations in 35 states
- The acquisition aims to enhance Druid City's patient care and service delivery
- Prospect's financing solution meets the unique needs of the transaction and the business
- None.
Insights
The acquisition of Druid City Infusion by Inlet Road Capital Management, supported by Prospect Capital 's financing, marks a significant development in the home infusion sector. Druid City's position as a leading operator within the Vital Care franchise system, covering nine territories, indicates a strong market presence and potential for growth.
The home infusion market is experiencing rapid expansion due to increasing preferences for at-home care and cost-effective treatment options. This acquisition positions Druid City to capitalize on these trends, potentially leading to increased market share and revenue growth for Prospect Capital as a lender.
The structure of the deal, combining first lien senior secured term and convertible loans, suggests a balanced approach to risk and potential upside for Prospect. The convertible component could provide additional benefits if Druid City's performance exceeds expectations.
However, investors should note that the home healthcare sector faces regulatory challenges and reimbursement pressures, which could impact future performance. Overall, this deal appears to strengthen Prospect's portfolio in a growing healthcare niche, with potential for solid returns if Druid City continues its expansion trajectory.
NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided first lien senior secured term and convertible loans to support the acquisition of Druid City Infusion, LLC (“Druid City”) by investment funds managed by Inlet Road Capital Management, LLC (“Inlet Road”) in partnership with Druid City’s founders and leadership team.
Druid City is a leading ownership group within the Vital Care Infusion Services (“Vital Care”) franchise system, with Druid City operating nine territories across the South and Mountain West regions of the United States. Vital Care is dedicated to providing high-quality, safe, convenient, and cost-effective infusion therapy services for both chronic and acute patients across its extensive national network. With over 160 infusion pharmacy locations in 35 states, Vital Care is a national home infusion platform.
“Druid City is proud of its growth and the outstanding team we have built over the last 10 years," said Druid City CEO and co-founder Ryan McFerrin. "Our unwavering commitment to patient care and delivering high level service to our referral partners will be enhanced as we begin this new chapter with Prospect and Inlet Road.”
“We chose to team up with Prospect because of Prospect's ability to create a comprehensive financing solution to meet the unique needs of our transaction and the business,” said Brian M. Harrison, Partner at Inlet Road. “Prospect’s collaborative approach and industry expertise make Prospect an ideal group for supporting Druid City’s expanding opportunities within the home infusion sector.”
“The Prospect team was the right fit for our transaction, providing our founder partners with complementary industry experience and capital to support Druid City’s growth both organically and through the acquisition of new territories and possibly other franchisees,” said Robert L. Jenkins, Partner at Inlet Road.
“Prospect is pleased to complete this important transaction with Inlet Road,” said Neil Zieses, Vice President at Prospect. “We look forward to continued strong performance at Druid City, a company with a compelling value proposition for delivering pharmacy services, and bedside and clinic-based infusion services.”
About Prospect Capital Corporation
Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702
FAQ
What type of loans did Prospect Capital (PSEC) provide for the Druid City Infusion acquisition?
How many territories does Druid City Infusion (PSEC investment) operate within the Vital Care franchise system?
What is the scale of Vital Care's operations in the home infusion market?
Why did Inlet Road choose Prospect Capital (PSEC) for the Druid City Infusion acquisition?
