NXT Capital announced today that it has provided a senior secured credit facility to support Audax Private Equity’s acquisition of PHOENIX Rehabilitation and Health Services.

NXT Capital acted as the Sole Lead Arranger, Administrative Agent and Sole Bookrunner for this transaction.

“We are pleased to work with the NXT Capital team again,” said Mark Cordes, Managing Director, Audax Private Equity. “NXT’s experience in the healthcare services sector allowed for a quick and efficient closing and going forward, the NXT credit facility is structured to allow PHOENIX to continue with its growth plans.”

Founded in 1997 and headquartered in Blairsville, PA, PHOENIX is a community of out-patient rehabilitation centers with over 80 locations across the East Coast of the U.S. Guided by the culture of fundamentals entitled The PHOENIX Way, PHOENIX is committed to providing the highest quality and value-based care for physical and occupational therapies. In addition to rehabilitation services, the WorkPlace Health (WPH) division operates in several PA counties offering non-emergency injury care and injury case management, as well as, occupational health services such as drug screens, audiometric testing, DOT and non-DOT physicals. 

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $23 billion in capital across its Private Equity and Private Debt businesses.