GE Capital Leads $115MM Credit Facility for Drive Medical
GE Capital, Healthcare Financial Services said it is serving as administrative agent on a $115 million senior secured credit facility for Medical Depot, doing business as Drive Medical. The financing is expandable to $165 million under its accordion feature, subject to certain conditions, which may be used for acquisitions. Proceeds were used to refinance existing debt and will support ongoing working capital and growth needs. GE Capital Markets served as sole lead arranger and bookrunner on the facility.
“We appreciate having a lender who has a keen understanding of the current challenges and opportunities within the durable medical equipment market,” said Richard Kolodny, president of Drive Medical. “GE worked closely with us to provide the capital and flexibility we will need to continue our growth and maintain our position as a leader in our market.”
“Our capital markets expertise and industry knowledge enabled us to provide Drive Medical with the financing needed to grow,” said Al Aria, senior managing director of Corporate Finance at GE Capital, Healthcare Financial Services. “Our specialty is providing healthcare companies with customized capital programs to build their businesses.”
Headquartered in Port Washington, NY, Drive Medical manufactures more than 2,500 durable medical products, and markets and distributes its products to customers located throughout North America, Europe, Central America, South America, the Middle East and Asia. The company has corporate offices and distribution facilities located throughout the United States, Canada, the United Kingdom, Germany, Romania, China and Taiwan. Drive Medical’s customer base spans many verticals including home healthcare providers, healthcare distributors, retailers and e-tailers.