Apollo Investment Corp, an entity managed by Apollo Global Management LLC, acquired MidCap Financial LLC for an undisclosed amount, according to a report published by The Middle Market.
MidCap is a lending company based in Bethesda, Maryland. The firm manages assets worth USD157 million. The company usually lends USD5 million to USD200 million to middle market health care firms. The new ownership will expand MidCap's capital and product offerings to its clients. MidCap was backed by private equity groups Genstar Capital, Moelis Capital Partners, and Lee Equity Partners LLC, the report said.
In October, MidCap said the maturity date on its credit facility was moved to January 1, 2017. Three new banks were also added to the lending firm. Moreover, the company increased the loan amount from USD600 million to USD800 million, the report stated.
The Maryland-based lending firm sought legal advice from Greenberg Traurig on the deal. The firm also sought financial counsel from Bank of America Merrill Lynch, Moelis & Co., and Sun Trust Robinson Humphrey, The Middle Market reported.
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