$20,000,000 second lien term loan to support the refinancing of an existing credit facility and a recapitalization
Boston – February 1, 2011 – Crystal Financial announced today that it has closed a $20,000,000 second lien loan to Covenant Care, a portfolio company of Centre Partners. Covenant Care manages skilled nursing and rehabilitation centers and residential care/assisted living centers that offer short term and long term care as well as a variety of related specialty services and programs.
Stephen Krawchuk, Managing Director of Crystal Financial, stated: “We are pleased to provide this new financing for Covenant Care. Centre Partners and management have done an excellent job growing the company organically and through acquisitions, and positioning Covenant Care as a leader in the skilled nursing/residential care industry.”
Bob Levin, CEO of Covenant Care said “We are looking forward to a long partnership with Crystal. Their experience in the long-term care industry and resulting familiarity with the opportunities and challenges we face make them an ideal partner as we look to continue our growth.”
Bob Bergmann, Senior Partner at Centre Partners said “Crystal was able to deliver a complicated financing for Covenant Care within a very tight time frame due to their streamlined organizational structure and decision-making process. We are pleased with the outcome.”
About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.
About Covenant Care
Covenant Care, with headquarters in Aliso Viejo, CA, owns and operates a diversified portfolio of 51 high quality SNFs and RCFs in seven states. The Company’s SNFs provide nursing and rehabilitation services to the rapidly growing elderly population in the U.S., while the Company’s wholly-owned therapy business, Select Therapies, provides each facility with state-of-the-art rehabilitation programs and personnel. Covenant Care’s systems, culture and operating model are contributors to the Company’s record of outstanding clinical results for its patients. Additional information is available at www.covenantcare.com.
About Centre Partners
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $3 billion in more than 90 transactions, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources which include an extended network of experienced and proven operating executives. The firm is currently investing through its fifth fund and has over $1.5 billion in total assets under management. Centre has deep investment expertise covering consumer, healthcare, industrial products and services, financial services, energy, media, restaurants, retail, and aviation services. Additional information is available at www.centrepartners.com.