Oxford Finance Provides $55 Million Credit Facility to SpendMend
SpendMend strives to help hospitals gain insight into their cost-cycle to help control costs, reduce risk, and fund patient care.
ALEXANDRIA, Va. and GRAND RAPIDS, Mich., Oct. 8, 2020 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $55 million senior credit facility and revolving line of credit to SpendMend (or "the Company"), a portfolio company of Sheridan Capital Partners.
The proceeds were used to refinance existing debt, fund the acquisition of Turnkey Pharmacy Solutions ("Turnkey") and Elevate340B ("Elevate"), and provide ongoing working capital. Oxford Finance is the sole lead arranger and administrative agent in this transaction.
Established in 1993, SpendMend is the leading outsourced provider of cost cycle management services and tech-enabled solutions to the healthcare market. A majority of the nation's top healthcare systems partner with SpendMend to improve patient care through innovative cost-savings solutions.
"SpendMend is a recognized leader in cost cycle management," said Tracy S. Maziek, head of healthcare services at Oxford Finance. "The Company provides tangible value and bottom-line impact to a complex industry operating on thin margins. The continued growth of these businesses, in spite of the global impacts of COVID, strengthened our conviction and validated the compelling value propositions of these businesses. Oxford is happy to be working with the Sheridan team once again and to now be supporting SpendMend."
"The acquisition of Turnkey and Elevate broadens our suite of offerings providing compliance, optimization and growth services for the complex and critical 340B programs at health systems," stated Dan Geehoed, CEO of SpendMend. "Oxford provided a flexible financing solution to support this acquisition and will be a valuable partner to support our continued growth."
"Oxford was able to deliver a compelling proposal on an expedited timeline and with a high degree of certainty," added Nick Rowland, principal at Sheridan Capital Partners. "We are pleased to have completed another transaction with them."
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $6 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/
About SpendMend
SpendMend is a leading provider of tech-enabled solutions to healthcare providers nationwide that optimize the cost-cycle. Combining the use of data, proprietary technology, and rigorous analytics with its healthcare focus and expertise, SpendMend partners with customers to improve and optimize their expenses in meaningful and collaborative ways. SpendMend's mission is to help its customers improve their patient care through innovative cost-savings solutions. To learn more, visit https://www.spendmend.com/
About Sheridan Capital Partners
Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of (i) providers and provider services, (ii) healthcare IT and outsourced services, and (iii) consumer health and medical products, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results. To learn more, visit https://www.sheridancp.com/
Media Contacts
Selma Bašić
Oxford Finance LLC
703-519-4900 Tel
[email protected]
SOURCE Oxford Finance LLC
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