Comvest Credit Partners, a provider of flexible financing solutions to middle-market companies, acted as administrative agent in providing a $109 million senior secured credit facility to Oceans Healthcare, a Plano, TX-based provider of behavioral health services. Comvest partnered with Silver Point Finance on the financing, which was used for the acquisition of Oceans by Webster Equity Partners, a private equity firm. The transaction marks a continuation of Comvest’s support of the regional care leader; Oceans has been a part of Comvest’s direct lending portfolio since 2016.
Founded in 2004, Oceans provides inpatient and outpatient health services for adolescent, adult and geriatric patients, with a focus on reaching underserved markets and treating complex cognitive and progressive mental health conditions. Oceans has doubled in size since 2017, and now operates 33 locations in the southeastern United States, including 23 inpatient hospital campuses and 20 intensive outpatient programs.
“We are pleased to serve as Oceans’ credit financing partner through multiple owners and phases of the company’s rapid and significant growth,” Bryce Peterson, managing director at Comvest, said. “Over the past five years, we have built a strong relationship with Oceans’ impressive leadership team as they expanded the Oceans footprint, built new hospitals and programs, and improved access to high-quality, patient-centered behavioral health care. There is an increasing demand for strong expertise and services in the markets they serve.”
“Comvest drew upon our extensive healthcare sector expertise and resources to structure a tailored financing solution that best positions Oceans to achieve its ambitious plan, which includes adding more locations, facilities and services,” Tom Goila, partner at Comvest, said. “We look forward to working with Webster, a healthcare-focused private equity firm, in support of Oceans’ continued success and growth.”
