NEW YORK–(BUSINESS WIRE)–August 2, 2022–
Audax Private Debt (“Audax”), as administrative agent and co-lead arranger, and Adams Street Partners, as joint lead arranger, have provided a senior secured credit facility to support the acquisition of US Med-Equip (“USME” or the “Company”) of Freedom Medical, a leading provider of rental medical equipment and related outsourced support services for hospitals and long-term care facilities in across the United States
US Med-Equip, headquartered in Houston, partners with the nation’s top hospitals for the rental, sale, service and asset management of mobile medical equipment – diagnostic and clinical devices ranging from incubators to infants to ventilators and more. USME is a portfolio company of private equity firm Freeman Spogli & Co.
“As a record number of hospitals turn to suppliers of life-saving equipment, US Med-Equip will be well positioned to capitalize on future growth opportunities with the addition of Freedom Medical,” said Remington Chin, director CEO of Audax Private Debt. “We are thrilled to partner with management and Freeman Spogli on this exciting next chapter.”
“We have been impressed with USME’s strong growth and the addition of new departments and geographies under Freeman Spogli’s ownership,” said Nolan Pauker, Principal at Adams Street Private Credit. “We are excited to continue supporting management and Freeman Spogli as USME expands its offerings.”
“Audax Private Debt and Adams Street Partners have led the structuring and execution of a bespoke financing solution that will support the company’s continued growth as a leading distributor of medical equipment,” said Christian Johnson, Partner at Freeman Spogli. “We appreciate the partnership between the Audax team and Adams Street and look forward to working together as we continue to build on the strong momentum at USME.”
About US Med-Equip
Founded in 2003 and headquartered in Houston, Texas, USA, Med-Equip LLC is a leading value-added distributor and provider of rental and related services of mobile medical equipment used in hospitals. The company offers equipment rental in five core product categories: Respiratory, Therapy Support Beds and Surfaces, Infusion, Monitoring and Central Supply/NICU. For more information, please visit www.usme.com.
About Audax Private Debt
Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, Audax Private Debt has invested over $30 billion in more than 1,150 companies in support of over 260 private equity sponsors, and raised $22 billion in capital. The platform offers its clients a range of financing solutions, including first lien, senior stretch, unit, second lien and subordinated debt, as well as equity co-investments. With over 45 investment professionals and over 130 employees, Audax Private Debt offers funding security, additional investment capacity, and the experience and collaborative approach needed to partner with private equity firms. -investment and their portfolio companies. For more information, visit www.audaxprivatedebt.com or follow us on LinkedIn.
Audax Private Debt is part of the Audax Group, a leading alternative investment manager with offices in Boston, New York and San Francisco.
About Adams Street Partners
Adams Street Partners is a global private markets investment manager with investments in more than 30 countries on five continents. The company is 100% employee-owned and manages $50 billion in assets. Adams Street strives to generate actionable investment insights through market cycles by leveraging 50 years of private markets experience, proprietary intelligence and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore and Tokyo.
Adams Street Partners’ private credit investment strategy provides financing solutions to sponsor-backed middle-market companies across the capital structure, including senior loans, revolvers, unitranche facilities, second lien loans, mezzanine debt and preferred shares. For more information, visit the Adams Street Partners website www.adamsstreetpartners.com.
* Enterprise-wide assets under management as of December 31, 2021 were $49.3 billion.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220801005861/en/
CONTACT: Remington Chin
Audax Private Debt
Rich Myers and Rachel Goun for Adams Street
Audax Private Debt Media
Julie Rudnick/Zak Tramonti/Catherine Livingston
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS NEW YORK TEXAS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES MEDICAL SUPPLIES MEDICAL DEVICES HEALTH HOSPITALS FINANCE
SOURCE: Audax Private Debt
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PUBLISHED: 02/08/2022 11:46 / DISK: 02/08/2022 11:46