Oak Hill Advisors served as a lead arranger for the acquisition financing to support Thoma Bravo‘s $1.8 billion take-private transaction of NextGen Healthcare, a provider of cloud-based healthcare technology solutions to ambulatory providers. The transaction was financed with a unitranche term loan and revolving credit facility. BMO Capital Markets also participated in the financing as Oak Hill Advisors’ private credit joint venture partner.
In its investment diligence, Oak Hill Advisors leveraged its industry expertise in software and healthcare, which are the firm’s largest industry exposures in private credit. The firm has deployed more than $12 billion in private credit investments in the two industries since 2002.
“We are excited to help finance Thoma Bravo’s acquisition of NextGen Healthcare, a business that lies at the intersection of enterprise software and healthcare service provision, two areas of deep domain expertise for OHA,” Eric Muller, partner and portfolio manager at Oak Hill Advisors, said. “This transaction underscores our focus on recession-resilient business models, sticky product offerings and strong management teams.”
This is Oak Hill Advisors’ eighth private transaction with Thoma Bravo.
