GE Capital’s Healthcare Financial Services (HFS) business announced
today that it has provided a $320 million senior secured credit facility
to Diplomat Pharmacy, Inc., the country’s largest independent specialty
pharmacy. GE Capital Markets was lead arranger and bookrunner on the
transaction.
A portion of the funds was used to acquire BioRx, LLC, a Cincinnati,
OH-based highly specialized pharmacy and infusion services company that
provides treatments for patients with ultra-orphan and rare, chronic
diseases. The remainder of the funds will be available for working
capital and other general corporate purposes.
Headquartered in Flint, MI, Diplomat focuses on medication management
programs for people with complex chronic diseases, including oncology,
immunology, hepatitis, multiple sclerosis, HIV, specialized infusion
therapy and many other serious or long-term conditions. In addition, the
company provides patient support services through national retailers and
major hospitals.
Sean Whelan, Diplomat’s CFO, said, “We were looking for timely and
reliable execution of this credit facility, with flexible terms to
support our continued rapid growth. GE Capital’s healthcare finance team
understands our business very well, which really helped in the
structuring and execution of this transaction.”
“We’re pleased to have successfully completed this latest financing for
Diplomat,” said David Varhol, managing director of GE Capital,
Healthcare Financial Services’ corporate finance team. “We’re seeing
continued rapid growth and consolidation within the specialty pharmacy
industry, particularly in the specialty infusion space. This acquisition
helps expand Diplomat’s presence in specialty infusion while it
continues its rapid organic growth.”
About Diplomat
Diplomat (NYSE:DPLO) serves patients and physicians in all 50 states.
Headquartered in Flint, MI, the company focuses on medication management
programs for people with complex chronic diseases, including oncology,
immunology, hepatitis, multiple sclerosis, HIV, specialized infusion
therapy and many other serious or long-term conditions. Diplomat opened
its doors in 1975 as a neighborhood pharmacy with one essential tenet:
“Take good care of patients, and the rest falls into place.” Today, that
tradition continues – always focused on improving patient care and
clinical adherence. For more information, visit www.diplomat.is.
About GE Capital, Healthcare Financial Services
GE Capital’s Healthcare Financial Services (HFS) business is one of the
most active capital providers in the U.S. healthcare market, deploying
approximately $10.5 billion in new commitments to customers via 240+
transactions in 2014. That adds up to more than $80 billion in financing
over the past 11 years. For the third consecutive year, HFS was the top
lead arranger for financings up to $1 billion in U.S. healthcare
leveraged finance.
Customers across 45 healthcare sectors — including senior housing,
hospitals, medical offices, outpatient services, pharmaceuticals and
medical devices — rely on HFS to finance acquisitions, refinance
existing debt, support working capital needs and fund growth
initiatives. With in-depth industry knowledge and expertise, the HFS
team of professionals creates business and financial solutions tailored
to meet the individual needs of its customers. For more information,
visit gecapital.com/healthcare or follow company news via Twitter (http://twitter.com/GELendLease).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (http://twitter.com/GECapital).
GE (NYSE:GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2015