Capital One provided a secured term loan and revolving line of credit to Partners Pharmacy Services, a provider of pharmacy services for assisted living communities, skilled nursing centers and other institutional long-term care settings.
Partners will use the proceeds to refinance its existing line of credit, pay off shareholder notes, finance future acquisitions and fund ongoing working capital requirements as the company builds capacity and executes on its bold growth plans. Partners has 13 pharmacy locations offer pharmacy services to more than 65,000 beds in 10 states.
“We designed a tailored structure for this transaction to best support Partners’ anticipated growth,” said Steve Anderson, senior vice president, Capital One Commercial Banking. “We were pleased to establish a lending and banking relationship that enables Partners to execute on its ambitious expansion strategy.”
“Capital One took the time to understand our growth potential and structured the transaction to meet our goals,” said Patrick Downing, Partners’ president and CEO.