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New York | March 2017
NEW YORK - March 23, 2017 - Praesidian Capital, a leading provider of senior and subordinated capital for small and mid-sized businesses, announced today that it has successfully exited its $23 million investment in PromptCare Companies ("PromptCare", "the Company").
PromptCare, a portfolio company of MidMark Capital, is a leading regional provider of specialty respiratory products and infusion therapy services. The Company has built its reputation on providing technologically advanced equipment and superior therapeutic professionals for in-home patient care. Praesidian made its first investment in PromptCare in 2011 and made two subsequent investments to continue supporting the Company's strategic growth.
"Praesidian's participation came at the right time to allow us to acquire our Pro2 business and strengthen our balance sheet," stated Tom Voorhees, PromptCare President and CEO. "They proved an excellent partner throughout our recent acquisition period, including our latest move into Boston last year. We are grateful for their support in reinforcing PromptCare's strong market presence in complex respiratory, infusion and nutritional therapies that sustain our patients on a daily basis."
Douglas Parker, Managing Director at MidMark Capital, noted: "Praesidian has proven to be the right financial partner from the beginning, when we needed an expert to meet an aggressive timetable to close an acquisition. Their dedication has been an invaluable component of the PromptCare success story."
"Our collaboration with MidMark and PromptCare has shown what can happen when the right resources come together effectively," stated Glenn Harrison, Praesidian Capital Partner. "We have enjoyed being part of PromptCare's recent expansion period and wish the Company continued success."
About PromptCare Companies
PromptCare® is a leading regional provider of specialty respiratory products and infusion therapy services. Established in 1985 and headquartered in Clark, New Jersey, PromptCare® serves at-home pediatric and adult patients in the Mid-Atlantic and Northeastern United States. Operating from 17 local service locations, PromptCare® offers the most advanced high-tech equipment and superior clinical services to ensure better patient care and outcomes. A preferred partner for superior management of medically complex cases, our expert clinical and dedicated customer-focused professionals provide unmatched levels of care and ongoing service.
About Praesidian Capital
Praesidian Capital is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to private lower middle market businesses in the United States, United Kingdom, Germany, and selectively in Northern Europe. Praesidian invests in established small and mid-sized companies, often in connection with management buyouts, recapitalizations, and refinancings. Based in New York with an office in London, Praesidian manages nearly $1 billion in committed capital. For more information, visit www.praesidian.com.
About MidMark Capital
MidMark Capital combines financial resources and business capabilities to acquire significant ownership positions in privately and publicly-owned middle-market companies with the objective to increase the value of those positions over the long term. More information is available at www.midmarkcapital.com.
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