BETHESDA, Md., Nov. 18, 2013 /PRNewswire/ -- MIDCAP FINANCIAL, LLC ("MidCap"), a leading healthcare oriented commercial finance company focused on the middle market in the United States, today announced it has been acquired by an entity managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, "Apollo"), a leading global investment manager with approximately $157 billion of assets under management. Under its new ownership, MidCap will continue to provide capital to all sectors of the healthcare middle market, and will also expand its access to capital and product offerings through its partnership with Apollo. Terms of the transaction were not disclosed.
Since its founding in 2008, MidCap has established a leadership position in providing financing across the healthcare middle market through asset-based working capital loans, leveraged loans, life sciences loans, and real estate loans. MidCap currently has more than 150 lending relationships and nearly $2 billion under management, with a robust pipeline of lending opportunities to continue its growth trajectory across the healthcare industry.
"The entire MidCap team is excited to embark on this new chapter in our development," said Howard Widra, CEO of MidCap Financial. "We are grateful for the support we have received from Lee Equity Partners, Genstar Capital, and Moelis Capital Partners in helping to fund MidCap's growth over the past five years, and we now look forward to partnering with Apollo's industry leading credit business, which we believe will enable us to meaningfully expand MidCap's product set and capabilities going forward."
Marc Rowan, Senior Managing Director of Apollo, said, "MidCap has built an outstanding lending business in the healthcare indust
|SOURCE MidCap Financial, LLC|
Copyright©2012 PR Newswire.
All rights reserved