Franklin Square Capital Partners announced the origination of a unitranche term loan to PSKW, LLC (PSKW), a leading developer and marketer of co-pay assistance (CPA) programs for pharmaceutical drugs. The financing supported the acquisition of PSKW by Genstar Capital (Genstar), a San Francisco, CA-based private equity investment firm focused on actively investing in high-quality companies for more than 20 years. In addition, the financing also supported PSKW’s add-on acquisition of PDR Network, LLC, a provider of behavior-based prescription management programs. Specific terms of the financing were not disclosed.
The financing was provided by FS Investment Corporation, FS Investment Corporation II and FS Investment Corporation III, BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).
“Our strong relationship with Genstar and the size of our direct-lending platform help ensure that we have a strong capital base to draw upon to meet the financing needs for growing companies like PSKW when opportunities arise,” said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III.
“PSKW is a top player in the industry by a variety of metrics,” commented Brad Marshall, Senior Managing Director and Senior Portfolio Manager at GDFM. “With its extensive operating footprint, new technologies and a history of successful growth, we believe PSKW is poised for continued success.”
“The financial backing from Franklin Square and GSO and continued support of Genstar position us to further penetrate the expanding CPA industry,” said Steve Freeman, President of PSKW.
Franklin Square is a leading manager of alternative investment funds designed to enhance investors’ portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors. The firm’s funds offer “endowment-style” investment strategies that help construct diversified portfolios and manage risk. Franklin Square strives not only to maximize investment returns but also to set the industry standard for best practices by focusing on transparency, investor protection and education for investment professionals and their clients.
Founded in Philadelphia in 2007, Franklin Square quickly established itself as a leader in the world of alternative investments by introducing innovative credit-based income funds, including the industry’s first non-traded BDC. As of September 30, 2015, the firm managed approximately $17.0 billion in total assets, including $15.7 billion in BDC assets, making it the largest manager of BDCs.