Fifth Street Provides $130 Million One-Stop Financing Facility to Support Refinancing and Add-on Acquisition for Webster Capi...
October 15 2015 - 7:00AM
Fifth Street Asset Management Inc. (NASDAQ:FSAM) ("FSAM") announced
today that its affiliate, Fifth Street Management LLC, served as
Lead Arranger and Administrative Agent for a $130 million one-stop
financing facility in support of Webster Capital portfolio company,
Behavior Health Holdings. Behavior Health operates outpatient
clinics across the country that provide methadone treatment and
counseling services to assist patients with opioid addictions. The
financing facility, which includes investments from Fifth Street
Finance Corp. (NASDAQ:FSC) and Fifth Street Senior Floating Rate
Corp. (NASDAQ:FSFR), was used to refinance the company's
subsidiary, Bay Area Addiction Research and Treatment, Inc.
("BAART"), and support the strategic acquisition of MedMark
Services Inc., a provider of addiction treatment and primary care
services. The combination of BAART and MedMark creates the third
largest methadone provider in the U.S.
This financing is the fifth that Fifth Street has completed in
support of Waltham, MA-based private equity firm, Webster
Capital. Webster Capital focuses on well-managed companies
with unrealized growth potential, particularly in the consumer and
healthcare services sectors.
"Fifth Street distinguished itself and was selected to lead this
financing due to its capability for large hold sizes per
transaction, speed of execution and flexible approach," said David
Malm, Co-Managing Partner and Head of Healthcare Services at
Webster Capital, adding, "The team quickly understood our strategic
vision for the BAART and MedMark combination, which we believe
presents a unique opportunity to leverage their complementary
strengths and create a significant change in our market
position."
"We are pleased to partner with Webster Capital once again, as
the MedMark acquisition is consistent with their strategy of
backing exceptional managers with best-in-class operations," stated
Ivelin Dimitrov, Chief Investment Officer at FSAM, adding, "We look
forward to working with both Webster and the company's leadership
as they continue to expand and make a difference in the lives of
thousands of patients amidst rising opioid addiction in the
U.S."
About Fifth Street Asset Management Inc.
Fifth Street Asset Management Inc. (NASDAQ:FSAM) is a nationally
recognized credit-focused asset manager. The firm has over $5
billion of assets under management across two publicly-traded
business development companies, Fifth Street Finance Corp.
(NASDAQ:FSC) and Fifth Street Senior Floating Rate Corp.
(NASDAQ:FSFR), as well as multiple private investment
vehicles. The Fifth Street platform provides innovative and
customized financing solutions to small and mid-sized businesses
across the capital structure through complementary investment
vehicles and co-investment capabilities. With over a 17-year
track record focused on disciplined credit investing across
multiple economic cycles, Fifth Street is led by a seasoned
management team that has issued billions of dollars in public
equity, private capital and public debt securities. Fifth
Street's national origination strategy, proven track record and
established platform are supported by nearly 100 professionals
across locations in Greenwich, Chicago and San Francisco. For
more information, please visit fsam.fifthstreetfinance.com
About Webster Capital
Founded in 2003, Webster Capital is a private equity firm with
over $600 million of committed capital which invests in the branded
consumer and healthcare services industries. Webster Capital
provides equity financing, expertise and a broad contact network
for management buyouts and growth capital. For additional
information on Webster Capital please visit
www.webstercapital.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements, including statements with regard to the future
performance of the company. Words such as "believes,"
"expects," "estimates," "projects," "anticipates," and "future" or
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are subject to
the inherent uncertainties in predicting future results and
conditions. Certain factors could cause actual results to
differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in
the company's filings with the Securities and Exchange
Commission. The company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT: Investor Contact:
Robyn Friedman, Senior Vice President, Head of Investor Relations
(203) 681-3720
ir-fsam@fifthstreetfinance.com
Media Contact:
Nick Rust
Prosek Partners
(212) 279-3115 ext. 252
pro-fifthstreet@prosek.com
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