Alpine Capital, as servicer and agent, has closed a senior debt financing facility for New State Capital Partners’ portfolio company, LLMS, a substance abuse treatment company that provides detox, residential inpatient rehab, partial hospitalization (“PHP”) and intensive outpatient programs to patients suffering from drug and alcohol abuse. The financing consisted of a $4 million senior secured revolving line of credit. Proceeds from the financing will go towards working capital purposes.
“The behavioral health sector is fragmented, but fast-growing so securing working capital financing ensures that LLMS is in a strong position moving forward and able to sustain planned growth. We appreciated the efficient and transparent way in which Alpine Capital worked with us. And, we are fortunate to have them as partners as we continue to build our behavioral health platform.” said David Blechman, Founder and Partner of New State.
“We are both fortunate and delighted to have developed a relationship with an industry-leading private equity partner like New State Capital Partners, who afforded us an early look at this attractive opportunity to support their behavioral health platform. We look forward to continuing to partner with them on opportunities that have strong track records and high growth potential,” said Alan Regdos, CEO for Alpine Capital.
LLMS is the parent company of Bridges Recovery Center and Infinity Malibu. With several facilities located in California, Bridges and Infinity Malibu offer subacute-detox, residential, partial hospitalization, intensive outpatient and outpatient treatment services for patients facing substance use disorders. The companies, founded by George Boyadzhyan, minority-owner and CEO, provide custom treatment plans blending experiential therapy, yoga, physical activities, and psychoeducational groups.
New State Capital Partners, LLC is a private equity firm that invests in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm has an excess of $370 million in assets under management.
Alpine Capital is a specialty lender dedicated exclusively to providing secured debt financing to healthcare companies. With over 45 collective years of healthcare finance experience, Alpine Capital leverages its expertise and understanding of the unique challenges facing healthcare providers to custom-tailor products to meet the specific needs of its clients. Alpine Capital LLC is headquartered in Charlotte, NC.