MidCap Financial Launches Commercial Finance Company With Over $500 Million... ( BETHESDA Md. Nov. 25 /- MidCap Financ...)

MidCap Financial Launches Commercial Finance Company With Over $500 Million of Equity

Date:11/25/2008

BETHESDA, Md., Nov. 25 /PRNewswire/ -- MidCap Financial LLC, a new commercial finance company that will focus on middle market lending to the healthcare industry, today announced its formation and funding with over $500 million in equity commitments. MidCap's investors are Thomas H. Lee's Lee Equity Partners LLC, Genstar Capital LLC and Moelis Capital Partners. MidCap also has a substantial long-term debt facility in place, led by Wells Fargo Foothill, part of Wells Fargo & Company (NYSE: WFC).

MidCap is being led by the entire former senior management team of Merrill Lynch Capital Healthcare Finance, including its founder, Howard Widra, who will serve as Chief Executive Officer of MidCap. Prior to founding Merrill Lynch Capital Healthcare Finance, Mr. Widra served as President of GE Healthcare Financial Services, President of Heller Healthcare Finance, and Chief Operating Officer of Healthcare Financial Partners.

The other senior members of MidCap's management team include:

-- Steve Curwin, Chief Credit Officer, who formerly served as Managing Director and Chief Credit Officer of ML Capital Healthcare Finance;

-- David Moore, Chief Financial Officer and Chief Administrative Officer, who formerly served as Managing Director and Head of ML Capital Healthcare Finance's asset-based lending business;

-- Kevin McMeen, Head of Real Estate Finance, who formerly served as Managing Director and Head of ML Capital Healthcare Finance's real estate business;

-- Clare Bailhe, Head of Leveraged Finance, who formerly served as Managing Director and Head of ML Capital Healthcare Finance's leveraged loan business; and

-- Will Gould, Head of Life Sciences and Asset Based Lending, who founded and served as Head of ML Capital Healthcare Finance's life sciences business
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MidCap Financial Launches Commercial Finance Company With Over $500 Million...( BETHESDA Md. Nov. 25 /- MidCap Financ...),Health