NEW YORK, April 4 /PRNewswire/ -- Carl Marks Capital Advisors LLC (CMCA) announced the closing of a $22 million senior secured term facility for Salus Surgical Group LLC (“Salus” or the “Company”). The new credit facility replaces the Company’s existing $12 million senior secured credit facility. Proceeds will be used for the repayment of outstanding senior indebtedness and for general corporate purposes, including supporting Salus’ ongoing expansion initiatives.
“This was a wonderful transaction for CMCA and for Salus. We succeeded in meeting our client’s two main objectives: speed of execution and maximization of proceeds,” said Warren H. Feder, founding partner of CMCA. “The new facility was upsized from an initial target of $15 million to $22 million, far exceeding expectations, and closed in just about ten weeks’ time.”
Salus Surgical Group, headquartered in Beverly Hills, California, develops premium physician-owned outpatient surgery facilities and hospitals in partnership with leading physicians.
“We are proud of the strong support received from institutional investors. Their support, along with the expeditious closing of our new credit facility, provides the financial flexibility we need to continue achieving our growth objectives,” said Scott Rein, Chief Operating Officer of Salus.
“Under our physician-owned, physician-managed business model, we continue attracting the highest quality physicians, who play a critical role in our success,” Rein said. “We are confident that we’ll achieve continued success, a significant aspect of which is the continued expansion of our surgery center business in a manner that mirrors the positive results we are experiencing from our two newest locations, Short Hills Surgery Center in Short Hills, New Jersey, and Hudson Crossing Surgery Center in Fort Lee, New Jersey.”
Salus Surgical Group’s other centers include Independence Surgery Center, in Independence, Ohio, and S&B Surgery Center in Beverly Hills, one of the nation’s most successful surgery centers.
CMCA -- the investment banking affiliate of Carl Marks Consulting Group LLC -- focuses on providing sophisticated financial advisory services to middle-market companies with revenues between $25 million and $1 billion. With proven results, CMCA services include providing advice with respect to mergers and acquisitions, divestitures and buyouts, debt and equity capital raising as well as, financial restructuring, strategy and implementation.
Carl Marks Consulting Group is one of the nation’s leading corporate revitalization consulting firms, which provides high quality operational and managerial advisory services to under-performing, middle-market companies and their stakeholders. Both companies are affiliates of Carl Marks & Co., a leading middle market merchant bank founded in 1925 in New York.
Carl Marks Capital Advisors LLC
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