CapitalSource Agents Net Health Credit Facility
CapitalSource, a commercial lender to small and mid-sized businesses, announced it led the structuring of a senior credit facility for Net Health as administrative agent and lead arranger.
Net Health designs, hosts and supports SaaS-based electronic health record (EHR) software for independent and managed wound care clinics. WoundExpert, the company’s certified EHR, is used by more than 20,000 healthcare professionals in more than 1,000 healthcare facilities.
The proceeds facilitated the acquisition of Integritas, an EHR provider for the growing urgent care, occupational health and hospital employee health markets, as well as provide access to ongoing working capital.
“Net Health is a very exciting business. The company develops software solutions to help enhance patient outcomes, increase record accuracy, and improve patient experiences,” said Erik Bissonnette, director of Technology Cash Flow Lending at CapitalSource. “Net Health has an impressive management team with the skills and resources to grow the business significantly over time. Since its inception, the company has experienced strong, consistent growth and gained a leadership position for EHR solutions in the wound care market.”
“It was important for us to work with knowledgeable, experienced lenders who truly understand our space,” noted Patrick Rooney, CFO of Net Health. “This new credit facility will enable us to continue building our business and service offering for our clients. We appreciate the expertise and support from CapitalSource and were very happy they were able to complete the transaction in a tight timeframe.”
Net Health is a portfolio company of Spectrum Equity, a growth equity firm that provides capital and strategic support to innovative companies in the information economy.