White Oak Healthcare Finance acted as sole lender and administrative agent on a senior credit facility to support the acquisition of Parnell Pharmaceuticals by DW Healthcare Partners. Parnell is an Australian-based developer, manufacturer and marketer of animal health pharmaceutical products.
“Animal health spend is steadily growing across the world, driven by the need for effective controls to limit the spread of disease among animals, the pursuit of improved productivity yields via ethical and healthy means, and pet and livestock owners’ inelastic spend on animal healthcare,” Ross Eldridge, executive vice president and chief originations officer at White Oak, said. “We are very supportive of this growing market that has such a defined need for Parnell’s product suite.”
“It was great to complete another deal with White Oak given their broad and deep experience in the sector. They provided us with certainty of execution and showed a great deal of flexibility on a very complex transaction, both structurally and geographically,” Eric Moore, principal at DW Healthcare Partners, said. “We are looking forward to having White Oak at the table with us as we evaluate both organic and in-organic growth opportunities at Parnell in the years to come.”
