Daily News: May 20, 2013

Capital One Closes $15.5MM Facility for Sunrise Detox

Capital One Bank announced it provided a $15.5 million credit facility to Sunrise Detox, a drug and alcohol detoxification company. The credit facility will be used to refinance existing debt, provide working capital financing and supply construction financing for Sunrise Detox’s expansion into two new geographic markets in Alpharetta, GA and Toms River, NJ.

“Sunrise Detox strives to provide superior medical detox care and we want to serve patients in new geographic areas where we’re needed. Capital One Bank’s team developed a tailored financing solution that enables us to continue to offer top-notch services to our patients while also expanding into new areas,” said Stokes Aitken, chief financial officer of Sunrise Detox.

Originally founded in 2004, Sunrise Detox operates as a free-standing detoxification and substance abuse treatment organization and its facilities offer both private and semi-private rooms. It is fully accredited by the Joint Commission on Accreditation of Healthcare Organizations. Its three existing locations are in Palm Beach and Fort Lauderdale, FL and Stirling, NJ.

“We are pleased to partner with Sunrise Detox, and we were committed to finding an efficient and effective financing solution that helped them expand into new geographic markets,” said Matthew Gallo, VP, Middle Market Banking, Capital One Bank. “We value the relationship we’ve established with Sunrise Detox and look forward to working with them for years to come.”