Radiology Partners, which is backed by New Enterprise Associates, has raised a $1 billion debt facility from Golub Capital. Radiology Partners is a physician-led and physician-owned radiology practice.
CHICAGO, Feb. 15, 2018 /PRNewswire/ — Golub Capital recently announced that, as Sole Bookrunner, Administrative Agent and Sole Lead Arranger, it provided a $270 million delayed draw term loan (“DDTL”) to Radiology Partners, Inc. (“Radiology Partners” or “the Company”), a portfolio company of New Enterprise Associates (“NEA” or “the Sponsor”), raising the Company’s GOLD facility to $1 billion. GOLD financings are Golub Capital One-Loan Debt facilities. The financing will support Radiology Partners’ acquisition of Renaissance Imaging Medical Associates (“RIMA”) and continued growth strategy.
The $1 billion GOLD facility consists of a $40 million revolver, $690 million term loan and $270 million DDTL that is available until December 2019. This marks Golub Capital’s largest DDTL facility to date.
“Radiology Partners and New Enterprise Associates are valued partners and we have remained committed to their growth by meeting their dynamic and evolving financing needs,” said Stefano Robertson, Managing Director and Head of Healthcare Finance at Golub Capital. “We are pleased with our ability to deliver this significant DDTL, affording them a greater timeline to make future strategic decisions.”
“Golub Capital’s healthcare team continues to meet us at every turn of Radiology Partners’ evolution. Golub has proven to be a highly differentiated debt capital markets partner who has been integral to fueling Radiology Partners’ hyper growth,” said Mohamad Makhzoumi, General Partner and Global Head of Healthcare Services at NEA.
The acquisition of RIMA will allow Radiology Partners to continue to expand its services and reach more patients throughout the U.S. Formed by NEA in November 2012, the Company is the largest hospital-based radiology practice in the country with a focus on clinical value and service. Radiology Partners’ physicians offer 24/7, year-round on-site and remote coverage to their diverse base of hospital and imaging center customers, providing final interpretations by local radiologists offering a complete range of sub-specialty care.
About Golub Capital Middle Market Lending
Golub Capital’s Middle Market Lending group provides financing for middle market, private equity-backed transactions with hold positions of up to $400 million and is an arranger of credit facilities up to $750 million. Golub Capital’s award-winning team strives to establish long-term, win-win partnerships by providing dependable, fast and creative solutions that meet private equity sponsors’ and portfolio companies’ needs.
Golub Capital is a nationally recognized credit asset manager with over $20 billion of capital under management. For over 20 years, Golub Capital has provided credit to help medium-sized U.S. businesses grow. The firm’s award-winning Middle Market Lending business provides financing for middle market companies and their private equity sponsors. Golub Capital’s credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 300 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit golubcapital.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com.
About Radiology Partners
Radiology Partners, the largest physician-led and physician-owned radiology practice in the U.S., is a multi-state, hospital-based practice serving approximately 450 hospitals and other healthcare facilities in markets across Arizona, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina and Texas. We are a physician-led practice whose mission is to transform radiology by innovating across clinical value, service and economics, while elevating the role of radiology and radiologists in healthcare. Using a proven healthcare services model, Radiology Partners provides consistent, high-quality care to patients, while delivering enhanced value to the hospitals, clinics, imaging centers, and referring physicians we serve. Learn more at www.radpartners.com.