Comvest Credit Partners, a provider of flexible direct financing solutions to middle-market companies, acted as administrative agent and is the sole lender on a $237 million senior secured credit facility for Oceans Healthcare of Plano, TX. The Financing marks Comvest Credit Partners’ fourth investment in Oceans Healthcare since 2016 and supports the Company’s acquisition of Haven Behavioral Healthcare, Inc., of Nashville, TN. Oceans Healthcare is a portfolio company of private equity firm Webster Equity Partners.
Founded in 2004, Oceans Healthcare offers inpatient and outpatient mental health care treatment programs to adolescent, adult, and geriatric patients, with a focus on reaching at-risk populations in underserved markets. With the Haven acquisition, Oceans Healthcare has expanded its reach into five new states, and now operates 48 facilities across nine states.
“Oceans Healthcare is a strong performer that continues to broaden and diversify its business, buoyed by favorable tailwinds for behavioral health care services and the support of Webster Equity Partners, a healthcare-focused sponsor,” said Bryce Peterson, Managing Director and Co-Head of Healthcare at Comvest Credit Partners.
“It has been a pleasure working with Oceans Healthcare’ impressive leadership team to develop tailored financing solutions that have helped the Company achieve a number of growth milestones over the last decade,” said Tom Goila, Partner and Co-Head of Healthcare at Comvest Credit Partners.
“Comvest Credit Partners has been a reliable and responsive lender through multiple phases of our expansion,” said Stuart Archer, Chief Executive Officer of Oceans Healthcare. “Comvest Credit Partners understands Oceans Healthcare’ business and market sector. Its ability to underwrite facilities that support transformative initiatives such as the Haven acquisition has helped us execute on our mission to expand access to high-quality, patient-centered behavioral health care.”
