West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible financing solutions to middle-market companies, has acted as Administrative Agent in providing a $109 million senior secured credit facility (the “Financing”) to Oceans Healthcare (“Oceans”, or the “Company”), a Plano, Texas-based provider of behavioral health services. Comvest partnered with Silver Point Finance on the Financing, which was used for the acquisition of Oceans by Webster Equity Partners, a private equity firm. The transaction marks a continuation of Comvest’s support of the regional care leader; Oceans has been a part of Comvest’s direct lending portfolio since 2016.
Founded in 2004, Oceans provides inpatient and outpatient health services for adolescent, adult, and geriatric patients, with a focus on reaching underserved markets and treating complex cognitive and progressive mental health conditions. Oceans has doubled in size since 2017, and now operates 33 locations in the southeastern United States, including 23 inpatient hospital campuses and 20 intensive outpatient programs.
“We are pleased to serve as Oceans’ credit financing partner through multiple owners and phases of the Company’s rapid and significant growth,” said Bryce Peterson, Managing Director, at Comvest. “Over the past five years, we have built a strong relationship with Oceans’ impressive leadership team as they expanded the Oceans footprint, built new hospitals and programs, and improved access to high-quality, patient-centered behavioral health care. There is an increasing demand for strong expertise and services in the markets they serve.”
“Comvest drew upon our extensive healthcare sector expertise and resources to structure a tailored financing solution that best positions Oceans to achieve its ambitious plan, which includes adding more locations, facilities, and services,” said Tom Goila, Partner, at Comvest. “We look forward to working with Webster, a healthcare-focused private equity firm, in support of Oceans’ continued success and growth.”
About Oceans Healthcare
Oceans Healthcare is a growing behavioral health provider focused on healing and long-term recovery. Founded in 2004, Oceans provides inpatient and outpatient treatment with a special focus on the unique physical and emotional needs of older adults. For more information, please visit www.oceanshealthcare.com
About Webster Equity Partners
Founded in 2003, Webster Equity invests in healthcare services companies with high impact growth strategies that deliver the highest quality care and extraordinary service. For more information, please visit www.websterequitypartners.com
About Comvest Credit Partners
Comvest Credit Partners focuses on providing flexible financing solutions to middle-market companies. Comvest provides senior secured, unitranche, second lien, and mezzanine capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations. Credit facilities typically range from $25 million to $250 million-plus for companies with revenues greater than $20 million. Comvest has offices located in West Palm Beach, Chicago, and New York. For more information, please visit www.comvest.com/direct-lending
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, Comvest has invested over $7.7 billion. Today, Comvest has over $6.4 billion of assets under management. Through extensive capital resources and a broad network of industry relationships, Comvest Partners offers companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com
For more information, please contact:
Tom Goila, Partner, Comvest Credit Partners – firstname.lastname@example.org
Bryce Peterson, Managing Director, Comvest Credit Partners – email@example.com