LBC Credit Partners Provides a One-Stop $120 Million Acquisition Facility for MCMC LLC, Portfolio Company of MVP Capital Partners
PHILADELPHIA, July 19, 2011 /PRNewswire/ -- LBC Credit Partners, a leading provider of financing solutions to middle market companies, today announced that they agented a one-stop $120 million senior credit facility for MCMC LLC, a diversified managed care and cost containment provider, in support of their acquisition of Patriot Risk Management, Inc.'s (PRMI) managed care service business.
MCMC, a portfolio company of MVP Capital Partners, developed a relationship with PRMI over five years ago when it began providing a bill review and PPO network processing solution for the company. These activities later evolved into a full service care management program that has resulted in increased network penetration, enhanced medical savings, and improved claims outcomes.
"We are very excited about PRMI becoming a part of the MCMC platform," said David Pegg, Partner at MVP Capital. "This is an important step in further perpetuating the managed care service relationship with Patriot National Insurance Group."
The senior facility — for which LBC is Sole Lead Arranger and Administrative Agent — supported the acquisition, provides for ongoing working capital, and facilitates growth. In addition to agenting the senior credit facility, LBC also co-invested in the equity.
"LBC has now been a valuable partner of ours on two transactions," said Mike Lindberg, President and CEO of MCMC. "This acquisition significantly expands upon MCMC's seven years of investing in applications, networks, and integrated processing solutions."
"We are pleased to continue our support of MVP and MCMC with their growth plans," added John Brignola, Partner with LBC. "This is the type of long-term relationship that defines our business."
LBC Credit Partners is a leading provider of middle market financing solutions including senior term, unitranche, second lien, junior secured, and mezzanine debt; and equity co-investments. For additional information please visit www.lbccredit.com.
MCMC is a national provider of managed care and cost containment services, headquartered in Boston, MA. MCMC's clients include managed care companies, workers' compensation, auto, liability, disability and group health insurers, as well as TPAs, PBMs, self-insured employers, labor unions, law firms and state agencies. For additional information please visit www.mcmcllc.com.
MVP Capital Partners is a private equity firm based in Radnor, PA, just outside of Philadelphia, which focuses on investing in middle market companies with $10-100 million in revenues through buyouts, recapitalizations and expansion capital financings. For more information, visit www.mvpcapitalpartners.com.
SOURCE LBC Credit Partners