Amalgamated Capital Acts as Sole Lead in $15 Million Senior Financing for Atlanta Equity's Acquisition of Marshall Emergency Services Associates
NEW YORK, Sept. 21, 2011 /PRNewswire/ -- Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, announced today it served as Sole Lead Manager of $15 million in senior secured credit facilities in support of the acquisition of Marshall Emergency Services Associates, PLLC (MESA) by Atlanta Equity Investors, LLC (Atlanta Equity). AmalCap provides cash flow-based senior secured financing to support investments made by private equity sponsors in high quality, lower middle-market companies across the United States.
Based in Lexington, KY, Marshall Emergency Services Associates, PLLC (MESA) staffs and operates emergency departments and hospital medicine programs in hospitals throughout Kentucky on an outsourced basis. Atlanta Equity Investors, LLC, headquartered in Atlanta, GA, is a private equity firm with $109 million in capital under management, focused on making investments in growth companies located primarily in the Southeast.
"This is our first transaction with Atlanta Equity, and they have brought us a rapidly growing company that is filling a clear need in a well defined market niche," said Robert Love, Executive Vice President and Head of Amalgamated Capital. "Well over half of all hospital stays originate from emergency room visits, making the smooth operation of ER services – which are notoriously difficult to manage – a vitally important area of concern for hospital administrators."
"We and the management of MESA are grateful to Bob Love and his team for the smooth and professional way in which this transaction was handled," said Gerald R. Benjamin, Co-managing Partner of Atlanta Equity. "We selected AmalCap for this transaction because of its knowledge and experience in healthcare, its willingness to be flexible in structuring the agreements, and the speed with which we knew they would respond. We look forward to working again with them in the future."
About Amalgamated Capital
Amalgamated Capital (AmalCap), headquartered in New York, is the leveraged finance division of Amalgamated Bank, a privately-owned commercial bank with $4.5 billion in assets. AmalCap, launched in September, 2009, is focused exclusively on partnering with private equity sponsors and providing cash flow-based senior financing for investments in the lower middle-market nationwide. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $15 million to $150 million and EBITDA of $3 million to $15 million. Visit AmalCap online at www.amalcap.com.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank.
Formed in 1973, Amalgamated's Investment Management Division today serves more Taft-Hartley pension plans than any other U.S. money manager. The division provides distinct advantages to labor affiliated pension fund investors by thoroughly understanding the challenges that plan trustees face in managing the assets of large pension, health and welfare funds. As a result, Amalgamated delivers a much higher level of client-focused service, and its Longview™ Funds have also played a leadership role in successful corporate governance initiatives and vigorous and aggressive shareholder activism.
In addition to the Investment Management Division, the Bank's corporate divisions include Commercial Banking, Commercial Real Estate Finance, Amalgamated Capital™, and Amalgamated Business Credit, which provides asset-based financing to middle market businesses. Amalgamated has 27 retail branches including 20 in New York City as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. The Bank's website is www.amalgamatedbank.com.
About Atlanta Equity Investors
Atlanta Equity Investors, LLC is a private equity firm with $109 million in capital under management, focused on making investments in growth companies located primarily in the Southeast. Established in 2007 in Atlanta, the firm focuses on deploying capital in lower middle market companies with revenues between $20 million and $200 million and EBITDA greater than $5 million. The firm particularly favors investments in business and healthcare services, specialty manufacturing, technology, consumer products and services and selectively retail. For more information, please visit www.atlantaeq.com.
About Marshall Emergency Services Associates
Based in Lexington, KY, Marshall Emergency Services Associates, PLLC (MESA) staffs and operates emergency departments and hospital medicine programs in hospitals throughout Kentucky. MESA was founded in 1999 by Drs. John Mullins and James Foster, who recognized a need to provide rural hospitals with high quality Emergency Medicine care on an outsourced basis. MESA places a strong emphasis on patient satisfaction, motivating its physician and mid-level practitioner staff to provide quality medical care while following practices that have been proven to enhance patient satisfaction. The regional medical centers and hospitals that MESA currently serves are located in rural, suburban, and urban areas. For more information, please visit www.mesaer.com.
SOURCE Amalgamated Bank