Oxford Finance LLC, a specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, today announced the closing of a $87.5 million term loan and revolving line of credit to Tarrytown Expocare, a closed-door long-term care pharmacy specializing in serving individuals with intellectual and developmental disabilities. Funds are being used for the recapitalization of the business and future growth initiatives. Oxford is the sole lead arranger and administrative agent in this transaction with Sheridan Capital Partners as the lead equity investor in Tarrytown.
Tarrytown Expocare, founded in 2013 and headquartered in Austin, Texas, is one of the largest long-term care pharmacies in the United States focused exclusively on the IDD population. Tarrytown has longstanding relationships with over 1,900 group homes throughout the U.S.
"Tarrytown's innovative, patient-first approach helps care providers better manage medication needs of their patients," said Tracy S. Maziek, head of healthcare services at Oxford Finance. "The combination of Tarrytown's core business with Sheridan's strong track record of healthcare investing made this investment exceptionally attractive for our firm. Oxford is excited to be part of their promising growth."
"We chose to work with Oxford because of their deep knowledge of the healthcare sector," said Mark Newberry, founder and chief executive officer of Tarrytown. "The team was highly responsive and able to quickly appreciate Tarrytown's differentiated position in our underserved niche."
"We are pleased to complete our second transaction with Oxford," added Sean Dempsey, partner at Sheridan. "They were able to provide a flexible capital solution and be a supportive partner as we accelerate the Company's expansion."
About Oxford Finance LLC
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. In recent years, Oxford has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/
About Tarrytown Expocare
Tarrytown Expocare is a national long-term care pharmacy that serves individuals with intellectual and developmental disabilities ("IDD"). The Company provides prescription medication to IDD patients primarily residing in group homes and offers clinical administrative services to its facility partners. Tarrytown was founded by Mark Newberry in 2013 and is headquartered in Austin, TX. For more information, visit https://tarrytownexpocare.com/
About Sheridan Capital Partners
Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies that have EBITDA from $3 million to $15 million, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results.
For more information, visit https://www.sheridancp.com/
