Pacific Mercantile Bank provided a $3.5 million revolving line of credit to Northwest Medical. Northwest Medical also utilized a full suite of Pacific Mercantile Bank’s depository products and cash management services.
The company was referred to Pacific Mercantile Bank by its private equity sponsor, Corbel Capital Partners, which acquired Northwest Medical in March 2018.
Northwest Medical provides quality respiratory services for both the pediatric and adult population in the Northwest and Alaska, with instruction and set-ups performed by respiratory therapists. The company strives to be flexible and open to patient input and to maintain the quickest response time in the community.
“We are excited about the addition of Northwest Medical to our portfolio, and we believe our depth of medical industry contacts can help the company further expand its existing markets,” said Michael Jones, principal at Corbel Capital Partners. “Pacific Mercantile Bank’s experience and skill in working with capital providers helped them structure a complex financial solution that met the unique needs of both our private equity group and Northwest Medical. Pacific Mercantile Bank’s flexibility and responsiveness helped us to close in a very efficient manner and enabled us to quickly begin working with the Northwest Medical team to capitalize on new growth opportunities.”
“It was a pleasure to work with Corbel Capital Partners on this transaction,” said Rob Parks, senior vice president at Pacific Mercantile Bank. “The financial solution that we were able to structure enabled the recapitalization of Northwest Medical, while also providing for the company’s ongoing working capital needs.”
