Triumph Bancorp to Acquire Doral Healthcare Finance
Triumph Bancorp, through its subsidiary THE National Bank, a full service community bank, announced the signing of a definitive agreement to acquire the lending platform and certain assets of Doral Healthcare Finance, an asset-based lender focused exclusively on the healthcare industry.
Doral Healthcare Finance is a division of Doral Money, which is a subsidiary of Doral Bank, with operations in Puerto Rico and the U.S. Doral Bank, Inc. is a subsidiary of Doral Financial Corporation.
Aaron Graft, founder and CEO of Triumph Bancorp, Inc. said, “Triumph’s presence in the commercial finance marketplace makes Doral Healthcare Finance a natural fit for our organization as we expand our asset based lending offerings to the healthcare industry.”
Dan Karas, Triumph’s EVP of Asset Based Lending remarked, “I have worked with the leadership at Doral Healthcare Finance for years and am excited about the opportunity to reunite with former colleagues. We are eager to begin serving the asset based lending market in healthcare through the foundation they have built.”
Jennifer Sheasgreen, division president of Doral Healthcare Finance stated, “Doral has been a great partner for us over the past several years and we appreciate their support. We look forward to joining the Triumph family and continuing to serve our client base.”
The terms of the transaction are not being disclosed at this time. The transaction is subject to approval by THE National Bank’s banking regulators and certain closing conditions. The transaction is expected to close in the second quarter of 2014. Upon completion of the acquisition, Doral Healthcare Finance will be rebranded as Triumph Healthcare Finance.
Houlihan Lokey served as exclusive financial advisor to Doral Financial in connection with the transaction.