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H.I.G. WhiteHorse Provides Refinancing and Growth Capital to Recoletas
LONDON – June 13, 2019 – H.I.G. WhiteHorse, a credit affiliate of H.I.G. Capital, a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management announced today that it has arranged a €60m Senior Secured Loan for Grupo Hospitalario Recoletas (“Recoletas”).
Recoletas is a family-owned Spanish hospital group headquartered in Valladolid, Spain. It focuses on the private healthcare market, and operates 7 hospitals and several clinics. The company works with all local insurance companies (c.90% revenues), and maintains a dominant position in Castilla and Leon.
H.I.G. WhiteHorse has provided a flexible financing structure which replaces the company’s existing debt facility and provides additional capital to support growth, continuing the revenue expansion already initiated.
Amando Rodríguez, CEO at Recoletas, commented: “This transaction provides Recoletas with the long term stability, and the flexibility to continue investing in its hospital portfolio to build on our current strong market position. H.I.G. WhiteHorse has been supportive and demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements and we look forward to working with H.I.G. WhiteHorse as a financing partner in the long term”.
Appu Mundassery, Managing Director at H.I.G. WhiteHorse, said: “This transaction demonstrates H.I.G. WhiteHorse’s ability to tailor a bespoke, flexible and deliverable debt package to support an entrepreneurial Spanish family in its expansion plans. With its strong market share and local expertise, Recoletas is in a good position to exploit opportunities arising from a fragmented market with opportunities to build scale, and we look forward to supporting its future success”.
About H.I.G. WhiteHorse
H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital focused on providing flexible debt financing solutions to middle market companies in Europe and the United States. Operating a broad investment mandate, H.I.G. WhiteHorse provides unitranche, senior and subordinated debt capital for refinancings, growth capital, acquisitions, buyouts, and balance sheet recapitalizations. Credit facilities typically range from €10 million to €75 million for companies with revenues of €40 million or more. For more information, please refer to the WhiteHorse website at: www.higeurope.com/whitehorse.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with European offices in London, Hamburg, Madrid, Milan, Paris, and U.S. and Latin American offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Stamford, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.