Audax Private Debt acted as administrative agent and sole arranger on a unitranche credit facility to support the acquisition of PracticeTek by investment funds affiliated with Lightyear Capital, a New York-based private equity firm focused on financial services.
Headquartered in Knoxville, TN, PracticeTek provides more than 16,000 dental, orthodontic, chiropractic, optometry, dermatology and other health care practices with software solutions that help them acquire, engage and bill their patients and manage their practices.
“With its high-quality solutions that enable better care, lower workloads for staff and less overhead costs for providers, PracticeTek is uniquely positioned as a leading provider of largely cloud-based software solutions in a highly fragmented industry,” Ryan Benedict, managing director at Audax Private Debt, said. “We are thrilled to work with the Lightyear Capital and PracticeTek teams as we all look forward to a new chapter of growth for the company.”
“Audax Private Debt has proven to be a trusted and reliable partner,” Michal Petrzela, managing director at Lightyear Capital, said. “The Audax team provided financing certainty and we’re pleased to be working with them again as we continue to execute our growth objectives at PracticeTek.”
