MidOcean Partners Closes Credit Investment in The Carpenter Health Network

Business Wire

4 days ago

NEW YORK--(BUSINESS WIRE)--MidOcean Partners ('MidOcean'), a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity, today announced it has led a term loan investment in The Carpenter Health Network ('Carpenter' or the 'Company'), a founder-owned, leading provider of home health, hospice, and other restorative services based in Baton Rouge, LA. MidOcean was the lead arranger of a new first lien term loan to finance the purchase of a portion of the business by a newly created Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed.
MidOcean's investment in Carpenter is emblematic of its bespoke capital solutions for middle market companies. Carpenter is a market leader within an attractive sector of the healthcare space that has strong secular growth characteristics. The Company operates in a segment in which MidOcean has deep expertise and dedicated coverage.
Founded in 2002, Carpenter has provided hospice, home health, and restorative services to communities across Louisiana and neighboring states for over two decades. The Company's leading brands include St. Joseph Hospice, STAT Home Health, AIM Palliative, SAGE Rehabilitation Hospital and Outpatient Services, Homedica House Calls, Phoenix Pharmacy and others in post-acute care.
'Since 2002, Carpenter Health Network has delivered compassionate, high-quality care to the communities it serves,' said Robert Sullivan, Managing Director and Co-Head of Opportunistic Credit at MidOcean. 'We are proud to support Carpenter in this important transaction, as the Company continues to expand its mission-driven services and deepen its impact to patients across the healthcare landscape.'
Patrick Mitchell, Carpenter's Chief Executive Officer, added, 'We are thrilled to partner with MidOcean on this important transaction. Their investment and structuring expertise will play an integral role in Carpenter's continued growth and underscores their confidence in our mission and long-term growth objectives. This partnership not only strengthens our financial foundation but also empowers our employees—our most valuable asset. '
Gibson Dunn & Crutcher LLP acted as legal advisor to the lenders. CSG Partners acted as financial advisor to the Company, while Hunton Andrews Kurth LLP acted as legal advisor.
About Carpenter Health Network
Originally founded in 2002 as St. Joseph Hospice, The Carpenter Health Network has grown into a multi-state healthcare company with service areas in Louisiana, Texas, Arkansas, Mississippi, Alabama and Florida. Our mission is to joyfully provide optimal patient care seamlessly across service lines to ensure spiritual, emotional and physical healing wherever possible while always respecting life, fostering dignity and preserving quality of life.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.