Frazier Healthcare Partners Locks Up Support from Antares Bain Capital Financing Platform
Posted on 05/24/2019
Antares Capital, a US$ 24 billion private credit manager, and Bain Capital Credit, a US$ 41 billion credit specialist, having formed the Antares Bain Capital Complete Financing Solution, announced the closing of a US$ 270 million secured credit facility. Antares Bain Capital Complete Financing Solution provides private equity funds and borrowers with first lien unitranche loans of up to US$ 350 million, in a single transaction. The secured credit facility allowed for the acquisition of Comprehensive Pharmacy Services by Seattle-based Frazier Healthcare Partners.
Benjamin Chapin, Managing Director of Antares, when analyzing Comprehensive Pharmacy Services, said that “Through their use of data driven insights, fast reporting and real-time information they are distinct in their ability to deliver efficiencies and reduce costs for hospital customers.” The pharmacy was founded in 1971, and has grown to employ 2,500 clinical, regulatory, and operational pharmacy workers. It offers pharmacy support services for over 700 hospitals and healthcare facilities across the U.S and Puerto Rico. Ben Magnano, General Partner at Frazier Healthcare Partners, said “We appreciated the certainty and efficiency of the Antares and Bain Capital unitranche solution. The Antares and Bain Capital Credit teams understand the complexities of the pharmacy space well, and together, delivered an optimal financing solution.” Carolyn Hastings, Managing Director at Bain Capital Credit, expects to unlock synergies from the partnership: “Leveraging our deep sector expertise, we were able to add value and deliver a flexible financing solution that will allow Frazier Healthcare Partners to build on CPS’ strong market leadership position.”
