Alpine Capital, as servicer and agent, closed a senior debt financing facility for LLMS, a New State Capital Partners portfolio company. LLMS is a substance abuse treatment company that provides detox, residential inpatient rehab, partial hospitalization and intensive outpatient programs to patients suffering from drug and alcohol abuse.
The financing consisted of a $4 million senior secured revolving line of credit. Proceeds from the financing will go toward working capital purposes.
“The behavioral health sector is fragmented, but fast-growing so securing working capital financing ensures that LLMS is in a strong position moving forward and able to sustain planned growth. We appreciated the efficient and transparent way in which Alpine Capital worked with us. And, we are fortunate to have them as partners as we continue to build our behavioral health platform,” said David Blechman, founder and partner of New State.
LLMS is the parent company of Bridges Recovery Center and Infinity Malibu. With several facilities located in California, Bridges and Infinity Malibu offer subacute-detox, residential, partial hospitalization, intensive outpatient and outpatient treatment services for patients facing substance use disorders.
New State Capital Partners is a private equity firm that invests in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials.
Alpine Capital is a specialty lender dedicated exclusively to providing secured debt financing to healthcare companies.