Wellington Financial Provides US$5 Million Growth Capital Commitment to Agility Health
TORONTO, Dec. 13 /PRNewswire-FirstCall/ - Wellington Financial LP, a privately held specialty finance firm, today announced a US$5 million term debt financing commitment for Agility Health of Grand Rapids, Mich. Agility Health delivers high-value rehabilitation solutions, including physical therapy, occupational therapy, speech pathology services and clinical management software to healthcare providers and employers across the United States. The financing provides Agility Health with the True Growth Capital necessary to continue its expansion efforts.
"The Agility management team has a deep level of clinical experience and a proven business platform that is delivering superior care and driving strategic growth in key regional markets throughout the United States. This injection of capital will expedite the company's near term growth objectives," said Kul Mani, Senior Vice President at Wellington Financial. "We are delighted to add a leading health services company to our expanding U.S. portfolio."
For more than 40 years, Agility Health has been at the forefront of the rehabilitative health services industry, emphasizing innovation while staying true to providing superior, personalized patient care. Among Agility Health's key areas of focus is the research and development of new systems and software that enhance clinical and financial performance for the company's clients. Agility Health is currently one of the top 10 rehabilitation services companies in the United States, with a strategic vision to become the leading national source for rehabilitation.
"The structure and timing of this financing represent an important milestone for Agility as we pursue our strategic objectives of delivering long-term, sustainable growth and providing the highest level of service to our patients, clients and partners," said Steven N. Davidson, Chief Executive Officer of Agility Health. "With Wellington Financial as our new financial partner, we have strengthened our franchise for the future and accelerated the realization of our plans. We're pleased to have a premier North American debt firm on board."
Choate LLP and Wildeboer Dellelce LLP provided legal advice on this transaction.
Since 2004, Wellington Financial LP has led or participated in more than $345 million in transactions, making it one of the most active funds of its kind in North America.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing revolving lines of credit, term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
About Agility Health
Agility Health is a leading healthcare provider devoted to the rehabilitation of patient physical injuries and conditions. Established in 1968 and based in Grand Rapids, Mich., Agility Health delivers personalized care through nearly one million therapy visits annually at more than 100 service sites in 10 states nationwide. The company is dedicated to providing exceptional value to patients and the clients, partners and investors it serves. Through its flexible partnerships, proven practice management systems and innovative clinical services, Agility Health helps achieve optimal performance in a variety of settings, including outpatient clinics, hospitals and long-term care facilities.
SOURCE Wellington Financial LP