Fifth Street Finance Corp., announced on Thursday that it has wrapped up its deal to acquire Healthcare Finance Group. The acquisition was worth $114 million.
Healthcare Finance Group's former Chief Executive Officer and founder Isaac Soleimani will be replaced by Dan Chapa, HFG's current president. The company is a specialty lender which provides term loan products and asset-based lending targeted at the healthcare industry.
"As we seek to accelerate HFG's growth going forward, we could not ask for a better suited partner than Fifth Street," Chapa said in an interview.
"We believe this strategic investment will reinforce Fifth Street and HFG's respective healthcare expertise," said Leonard M. Tannenbaum, CEO of Fifth Street. ""We expect that this acquisition will provide extraordinary opportunities for platform growth - especially as we assist HFG in exploring alternative applications for its proprietary collateral and loan performance technology," he added.
Financial advisors to HFG include Keefe, Bruyette & Woods, and UBS Investment Bank.Fifth Bank's financial advisor was Greenhill & Co.
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