TapestryHealth, a multi-specialty healthcare company that utilizes advanced radar technology and AI to evaluate and effectively treat patients in skilled nursing facilities and other post-acute environments, completed a credit financing for up to $25 million from Catalio Capital Management, a multi-strategy investment firm focused on healthcare and life sciences. The term loan is an investment from Catalio’s Structured Opportunities strategy, which provides creative and flexible structured capital solutions to healthcare and life science companies.
The senior secured term loan provides TapestryHealth an initial draw of $10 million at close, with an additional $15 million available at the company’s option. The credit facility matures in July 2027. TapestryHealth will use the funds to continue its expansion into new facilities and refinance existing corporate debt, maturing in March 2024.
“Catalio is delighted to partner with TapestryHealth as it seeks to expand its remote monitoring and chronic care management capabilities across a growing footprint of skilled nursing facilities,” John Henry Iucker, head of credit, Catalio Capital Management, said. “This flexible credit facility demonstrates the increasing importance of creative structured capital solutions in financing the growth of innovative, ambitious healthcare companies amid a challenging economic and fundraising environment.”
“Catalio’s financing allows TapestryHealth to deliver fully integrated care to over 75,000 residents in skilled nursing facilities. Tapestry’s innovative AI-powered insights provide clinicians with novel tools that increase efficiency and deliver vastly improved patient care and outcomes. Tapestry has created a complete safety net of care for every resident in its skilled nursing ecosystem, elevating the standard of on-site medical care for skilled nursing facilities,” Mark Hirschhorn, CEO of TapestryHealth, said. “Catalio’s backing attests to a belief in our accelerated growth plan, scalable model, operating strategy, high-impact team and strong trajectory. This investment also further validates the unique value proposition of TapestryHealth’s drive to change the dynamics of skilled nursing care.”
