Orthopedic Care Partners (OCP), an orthopedic practice management platform, finalized a growth recapitalization transaction, inclusive of a $185 million hybrid capital raise provided by Brookfield Asset Management, through its special investments program (BSI) and a $358 million senior credit facility refinancing, led by TPG Twin Brook Capital Partners. BSI’s hybrid capital investment is designed to add flexibility to OCP’s capital structure, positioning the company for its next phase of growth. OCP’s debt refinancing extends and reprices the company’s existing credit facility to a lower rate, while providing OCP with an expanded revolving credit facility and delayed draw term loan to support OCP’s future growth.
“Today’s senior debt refinancing and partnership with BSI positions OCP for accelerated future growth; we look forward as an organization to growing OCP’s presence in current and new markets, continuing to invest in enhancing our patient care and experience at every OCP location and executing on our robust pipeline of high impact growth opportunities,” Tim Corvino, who was recently named CEO of OCP, said.
Moelis acted as exclusive placement agent and exclusive financial advisor to the company in connection with this financing, and McDermott Will & Emery acted as legal advisor to OCP and VHP. Houlihan Lokey acted as financial advisor to BSI, and Kirkland & Ellis acted as legal advisor to BSI.
