NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) has provided first lien senior secured term and convertible loans to support the acquisition of Druid City Infusion, LLC (“Druid City”) by investment funds managed by Inlet Road Capital Management, LLC (“Inlet Road”) in partnership with Druid City’s founders and leadership team.
Druid City is a leading ownership group within the Vital Care Infusion Services (“Vital Care”) franchise system, with Druid City operating nine territories across the South and Mountain West regions of the United States. Vital Care is dedicated to providing high-quality, safe, convenient, and cost-effective infusion therapy services for both chronic and acute patients across its extensive national network. With over 160 infusion pharmacy locations in 35 states, Vital Care is a national home infusion platform.
“Druid City is proud of its growth and the outstanding team we have built over the last 10 years," said Druid City CEO and co-founder Ryan McFerrin. "Our unwavering commitment to patient care and delivering high level service to our referral partners will be enhanced as we begin this new chapter with Prospect and Inlet Road.”
“We chose to team up with Prospect because of Prospect's ability to create a comprehensive financing solution to meet the unique needs of our transaction and the business,” said Brian M. Harrison, Partner at Inlet Road. “Prospect’s collaborative approach and industry expertise make Prospect an ideal group for supporting Druid City’s expanding opportunities within the home infusion sector.”
“The Prospect team was the right fit for our transaction, providing our founder partners with complementary industry experience and capital to support Druid City’s growth both organically and through the acquisition of new territories and possibly other franchisees,” said Robert L. Jenkins, Partner at Inlet Road.
“Prospect is pleased to complete this important transaction with Inlet Road,” said Neil Zieses, Vice President at Prospect. “We look forward to continued strong performance at Druid City, a company with a compelling value proposition for delivering pharmacy services, and bedside and clinic-based infusion services.”
About Prospect Capital Corporation
Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702
