Oxford Finance LLC, a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a senior credit facility and revolving line of credit to ThermoTek, a leading designer and manufacturer of temperature management devices.
The proceeds are being used for general working capital and to partially fund the acquisition of ThermoTek by Havencrest Capital Management, LLC ("Havencrest"), a Dallas-based healthcare private equity firm focused on partnering with founder- and entrepreneur-led businesses across the United States. Oxford Finance is the sole lead arranger and administrative agent in this transaction.
ThermoTek provides a broad range of temperature management solutions to the medical and industrial end markets, specifically cold compression devices used in post-orthopedic surgery rehabilitation and cooling units used in industrial applications. The Company leverages its extensive product portfolio with more than 70 issued patents to supply its network of 280+ medical device dealers and industrial OEMs with a variety of custom- and proprietary-branded thermal management and compression products.
"ThermoTek has developed a strong reputation for precision thermoelectric engineering capabilities and high-quality products among its existing customers," said Tracy S. Maziek, head of healthcare services at Oxford Finance. "With its deep network of operating advisors, we anticipate Havencrest successfully building upon the Company's long track record of developing innovative medical and industrial devices."
"We are excited to invest in ThermoTek and accelerate growth by launching new product lines, expanding into adjacent medical and industrial markets and acquiring complementary companies," added Matt Shofner, Partner at Havencrest. "We are pleased to have Oxford as our financing partner to support us for the Company's next phase of growth."
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 $6 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 Havencrest Capital Management, LLC
Havencrest Capital Management is a committed capital, lower middle-market private equity investment firm focused exclusively on the healthcare industry. Havencrest comprises a leading team of investment professionals, operating partners and senior advisors, including many of the nation's leading healthcare entrepreneurs, corporate executives and public policy experts. With its unique approach to partnering with founder-owned healthcare companies with EBITDA between $2M - $10M, the Havencrest team has a successful track record in building leading companies that are changing the way healthcare is delivered in America.
