Sanara MedTech, a Fort Worth, TX-based medical technology company, entered into a $55 million non-dilutive term loan agreement with CRG Servicing, an affiliate of CRG, a healthcare focused investment fund, to support growth initiatives in 2024 and 2025.
Sanara received $15 million in gross proceeds at closing and can draw up to $40 million in additional funds, at its option, in two tranches before June 30, 2025. The company used approximately $9.8 million of the net proceeds to retire its existing debt. The company will use the remaining net proceeds for the company’s growth initiatives, including permitted acquisitions and investments, as well as for working capital and general corporate purposes. In addition, Sanara is currently in discussions with a commercial bank to establish a $10 million revolving line of credit as permitted under the CRG facility.
“We are pleased to partner with CRG, a premier investment firm in the healthcare industry,” Zach Fleming, CEO of Sanara, said. “We believe this non-dilutive capital will allow us to support our growth initiatives and provide access to additional capital for potential acquisition opportunities that the company may identify as accretive to our business strategy.”
“We are excited to be working with Sanara and their management team who have a proven record of success,” Luke Düster, a partner at CRG, said. “This transaction demonstrates our confidence in the company’s ability to continue to execute on its growth plan by serving more patients and providers with their portfolio of products that can help improve outcomes and reduce healthcare expenses.”
