News

Millennium Pharmacy Systems and MidCap Financial Close New $35 Million Senior Credit Facility

Jan 12 2009

OAKBROOK, Illinois -– Millennium Pharmacy Systems, Inc. (MPS, or Millennium), a leader in long-term care institutional pharmacy services, today announced it has closed a $35 million senior credit facility with Bethesda, MD based MidCap Financial. The credit facility will be used to support the company’s continued growth and market expansion.

“The financing commitment provided by MidCap allows us to continue offering superior service to our customers while aggressively growing our business and expanding to new markets”, said Richard Scardina, Chief Executive Officer of MPS. “From a financing perspective, MidCap is an ideal partner for MPS that can support MPS well into the future”, commented Boyd Gentry, EVP and Chief Financial Officer.  MidCap Financial, which launched operations earlier this year, provides a full spectrumof debt financing products and offers the financial resources to support MPS through all phases of future growth. “Millennium delivers its skilled nursing customers with the only comprehensive, technology enabled, long-term care pharmacy solution. Millennium’s superior solution has enabled the company to organically grow in excess of 100%
annually. We are pleased that our financing will help support this impressive growth. This financing solution is an ideal fit for the client base we are building here at MidCap” says Garrett Fletcher, Product Leader of the Asset Based Lending division of MidCap.

The DiBari Group acted as debt advisor for the financing.

Millennium Pharmacy Systems, Inc.
Millennium Pharmacy Systems, Inc. (MPS) is a leader in institutional pharmacy services. Through the use of its proprietary software and automated dispensing technologies, MPS provides the only comprehensive solution available in the industry that automates the institutional pharmacy process from computerized order entry through technology enhanced medication administration and record keeping. MPS customers enjoy lower pharmacy spend, reduced inventory levels, more efficient labor utilization, and improved regulatory compliance. The company, headquartered in Oakbrook, IL operates four
regional pharmacies servicing in excess of 100 long-term care facilities. MPS’ institutional investors include Essex Woodlands Health Ventures, CHL Medical Partners, Boulder Ventures and Ascension Health Ventures.

For more information, visit www.mpsrx.com.

MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on middle market lending in healthcare and other specialty vertical markets. MidCap specializes in middle market loans in the $10 million to $200 million range. Its principal officers are all veterans of the health care finance industry, having worked together at three healthcare finance companies previously. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles.  MidCap Financial focuses on investments in four areas: