An entity managed by Apollo Global Management LLC (NYSE: APO) has purchased lender MidCap Financial LLC for an undisclosed amount.
MidCap, headquartered in Bethesda, Md., has about $157 billion in assets under management. The firm focuses on lending to middle market health care companies, usually lending between $5 million and $200 million.
MidCap will continue to provide capital to health care companies, but expects the new ownership to expand access to capital and product offerings.
MidCap was backed by private equity firms Lee Equity Partners LLC, Genstar Capital and Moelis Capital Partners.
In October, the firm announced that it had extended the maturity date on its credit facility to Jan. 1, 2017, that three new banks were added to the lending group, and that the amount of the loan was increased from $600 million to $800 million.
Bank of America Merrill Lynch, Sun Trust Robinson Humphrey and Moelis & Co. advised MidCap on the deal, while Greenberg Traurig provided legal advice.
In May, health care lender Healthcare Finance Group (HFG) was acquired by Fifth Street Finance Corp. (Nasdaq: FSC) for $110 million. HFG, headquartered in New York, makes asset-based loans and term loans to health care companies. For more on health care lending, see our video interview with HFG’s Claudia Gourdon, “ACA Drives Capital Needs” and “Obamacare Spurs Lending.”