Moelis Capital Partners (“MCP”) today announced the sale of MidCap Financial, LLC (“MidCap”), a leading healthcare oriented commercial finance company focused on the middle market in the United States, to an entity managed by Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), a leading global investment manager with approximately $157 billion of assets under management. Under its new ownership, MidCap will continue to provide capital to all sectors of the healthcare middle market, and will also expand its access to capital and product offerings through its partnership with Apollo. Terms of the transaction were not disclosed.
Since its founding in 2008, MidCap has established a leadership position in providing financing across the healthcare middle market through asset-based working capital loans, leveraged loans, life sciences loans, and real estate loans. MidCap currently has more than 150 lending relationships and nearly $2 billion under management with a robust pipeline of lending opportunities.
Andy Kieffer, MCP Partner, said, “MidCap has been a tremendous success; building a market-leading franchise under the leadership of Howard and his best-in-class management team. We wish them great success as they move into the next phase of their growth.”
“The entire MidCap team is excited to embark on this new chapter in our development,” said Howard Widra, CEO of MidCap Financial. “We are grateful for the support we have received from Moelis Capital Partners, Lee Equity Partners, and Genstar Capital in helping to fund MidCap’s growth over the past five years, and we now look forward to partnering with Apollo’s industry leading credit business, which we believe will enable us to meaningfully expand MidCap’s product set and capabilities going forward.”
Greg Share, MCP Partner, commented, “Management’s exceptional execution has built an industry-leading healthcare lending platform, delivering consistent and outstanding growth quarter after quarter. We are proud of management’s achievements and delighted with their selection of Apollo as a new partner.”
Moelis & Company, Bank of America Merrill Lynch, and SunTrust Robinson Humphrey advised MidCap, and the law firm, GreenbergTraurig, represented MidCap.