HFG Provides $23MM to All Metro Health Care Services
Published August 8, 2012
Categories: Industry News
Healthcare Finance Group (HFG) announced that it has provided a $10 million senior secured revolving line of credit and a $13 million senior secured term loan to All Metro Health Care Services. Proceeds of the senior secured financing were used to refinance certain indebtedness and provide capital for ongoing operations.
All Metro, founded in 1955 and based in Lynbrook, NY, is a provider of home care services to patients in New York, New Jersey and Florida. All Metro provides in-home care for children, teens, adults and seniors, including rehabilitative care, personal care services and home maker/companion services.
Dave Middleton, president and COO of All Metro, commented, “HFG worked diligently to structure a solution that met our needs and worked hard to provide All Metro with the financing we need for growth. HFG demonstrated a strong understanding of the home care space and we are pleased to have HFG as our lendin
Brad Langer, principal of Brown Brothers Harriman & Co., the general partner of the majority shareholder of All Metro, commented, “The HFG team was terrific to work with and executed one of the smoothest and most professional processes I have been involved with. I was truly impressed by HFG’s clarity in execution and how well they delivered on what was tendered in the original term sheet.”
Regarding the transaction, Steven Goldsmith, SVP of HFG, said “With an industry-leading management team, All Metro is one of the largest licensed home care services agencies in New York State that continues to experience good growth. Our Senior Secured Financing will assist with this growth and provide additional resources to support their strategic objectives.”