Oakworth Capital Bank acted as servicer and sole agent for a senior secured credit facility that supports the Navis Clinical Laboratories purchase of the clinical laboratory business of Cordant Health Solutions. Proceeds from the financing were used to fund the acquisition, as well as support Navis’ ongoing working capital needs.
Oakworth Commercial Banking advisor Terrell Taylor organized the team on behalf of the bank. Taylor’s long-tenured experience in serving the healthcare industry played a key role in providing Navis with a seamless, easy experience, based on expert advice.
“This transaction displays Oakworth’s unique ability to leverage our healthcare expertise and streamlined diligence and credit process to help provide debt capital to companies like Navis,” Taylor said. “We are pleased to invest in such a strong and experienced management team that possesses a great reputation and track record of success in the lab space.”
“At the onset, Oakworth assured us of their ability to move quickly and showed real flexibility during negotiations and closing,” Richard Stripp, Ph. D., president and CEO of Navis, said. “We appreciate the efficient and transparent way in which Oakworth worked with us. We are fortunate to have them as a key advisor and banking partner as we build our lab company.”
