Penfund, an independent provider of junior capital to middle market companies, has completed an incremental $7.5 million second lien term facility for Pediatric Services Holding operating as PSA Healthcare(PSA), a portfolio company of J.H. Whitney Capital Partners equity funds.
The proceeds of the financing, together with the proceeds of an incremental $25 million first lien term facility, were used in support of PSA’s acquisition of Care Unlimited, a provider of pediatric skilled and unskilled home nursing services in western Pennsylvania.
Atlanta-based PSA predominantly provides critically-needed home nursing services to medically fragile children. The company operates through 70 offices across 17 states, employs over 5,000 nurses and other caregivers, and provides care to more than 2,500 patients.
John Bradlow, a partner at Penfund, stated, “We are very pleased to be providing additional support to J.H. Whitney in their execution of PSA’s growth strategy. We believe the synergistic acquisition of Care Unlimited will strengthen PSA’s already strong presence in Pennsylvania.”
J.H. Whitney was established in 1946 by the industrialist and philanthropist, John Hay “Jock” Whitney, J.H. Whitney was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry.
Penfund is a provider of junior capital to middle market companies throughout North America.