Daily News: February 25, 2013

NGP Capital Announces First Two Mid-Market Investments


Business development company NGP Capital Resources announced the closing of its first two non-energy middle-market portfolio investments, totaling $26.5 million. The company said it completed a $17.5 million investment in a TX-based at-home health service provider and a $9 million investment in a manufacturer of urinalysis testing products.

NGP said its investment in OCI Holdings includes a $15 million subordinated note and a $2.5 million direct equity co-investment. OCI is a home health provider of physical, occupational and speech therapy services to pediatric patients in the state of Texas. Proceeds from the investment were used to refinance OCI and to finance OCI’s strategic acquisition of a provider of similar services. The company partnered with Ancor Capital Partners, a Fort Worth-based sponsor, and OCI’s management team to facilitate this transaction.

The company said it provided $9 million of senior subordinated notes to KOVA International to facilitate the acquisition of the urinalysis division of Hycor Biomedical by One Rock Capital Partners, Laurel Crown Partners and StoneCreek Capital.

NGP Capital Resources Company is a closed-end, non-diversified management investment company.