H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital, arranged a refinancing package for Grupo Hospitalario Recoletas (Recoletas). The package includes a significant growth capital component.
Recoletas is a family-owned Spanish private hospital operator headquartered in Valladolid, Spain, with a position in the Castilla y Leon Spanish inland region. It operates eight hospitals with 540 beds and 13 medical centers across seven regions.
H.I.G. WhiteHorse committed €110 million ($12.97 million) in unitranche loans to refinance the borrower’s existing indebtedness and provide additional capital to finance growth, supporting the company’s expansion. Recoletas is currently developing projects to expand its healthcare services provided through hospitals and medical centers, as well as diagnostic imaging centers and radiotherapy units.
“We are very happy with the support received from H.I.G. WhiteHorse, which has shown flexibility over the years, allowing the company to tailor its financing structure to meet our changing requirements,” Amando J. Rodríguez, president and CEO of Grupo Hospitalario Recoletas, said. “The support, reflected in this new financing, will allow the group to continue successfully developing its growth strategy with medical services of the highest quality.”
“Recoletas is ideally positioned for the opportunities that lie ahead,” Ignacio Blasco, managing director at H.I.G. WhiteHorse, said. “We are happy to support its development by providing flexible capital to allow its management to pursue their highly ambitious goals. This transaction highlights H.I.G. WhiteHorse’s ability to support the long-term development of its clients by establishing close and lasting relationships.”
