Oxford Finance LLC, an industry-leading specialty finance firm that provides senior debt to life sciences and healthcare services companies, announced that it has been acquired by an affiliate of Wafra Capital Partners, whose family of funds and affiliates manage over $18.9 billion in commitments and assets under management.
The combined capital provided by Wafra through the acquisition, retirement of Oxford's senior unsecured notes due 2018 and expected growth capital exceeds $1 billion. Oxford will use this new expanded capital to support its origination and portfolio growth. Historically, Oxford has disbursed over $4.0 billion in senior secured loans to nearly 500 life sciences and healthcare service companies.
"The entire Oxford team is very excited to launch our new relationship with Wafra which we believe will enhance our products, capacity and service to our market," said J. Alden Philbrick, president and chief executive officer of Oxford. "Wafra has a 16-year track record of building long-lasting asset funding relationships with some of the premier privately owned lessors, specialty finance companies, and asset owners in the United States and abroad. We believe that the expansion of our capital base from Wafra will give us the platform to grow our multi-billion-dollar enterprise into the next level in the healthcare lending marketplace."
"We are thrilled to partner with Oxford's management team in continuing to build the Oxford franchise," said Michael Gontar, chief investment officer of Wafra. "Oxford possesses tremendous potential that, combined with the growth capital we are able to provide to the platform, makes this transaction a compelling opportunity for our stakeholders and clients."
Wells Fargo Securities acted as exclusive financial advisor to Wafra Capital Partners Inc. in connection with the transaction. Macquarie Capital and J.P. Morgan Securities LLC acted as financial advisors to Oxford in connection with this transaction.
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Oxford has originated over $4 billion in loans, with credit facilities ranging from $5 million to $100 million. Oxford is headquartered in Alexandria, Virginia, with additional offices serving San Diego, California; Palo Alto, California; Salt Lake City, Utah and the greater Boston area.
Wafra Capital Partners Inc., a New York-based SEC-registered investment adviser, manages or advises funds and accounts that specialize in asset-based finance and real estate investments. Wafra Capital Partners Inc. is an affiliate of Wafra Investment Advisory Group ("WIAG"). Founded in 1985, WIAG is a New York-based SEC registered investment advisor, which is beneficially owned by the Public Institution for Social Security of Kuwait, an autonomous agency controlled by the State of Kuwait. Wafra manages over $4.4 billion in commitments and assets under management and together with WIAG and their affiliates have over $18.9 billion of commitments and assets under management as of June 30th, 2016. Wafra senior leadership is comprised of the former employees in WIAG's Structured Finance and Business & Product Development Divisions.