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23.7.2021 13:05:10 CEST | Business Wire | Press release

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H.I.G. WhiteHorse Refinances Grupo Recoletas

H.I.G. WhiteHorse, a credit affiliate of global investment firm H.I.G. Capital ("H.I.G.") is pleased to announce that it has arranged a refinancing package for Grupo Hospitalario Recoletas (“Recoletas”), which includes a significant growth capital component.

Recoletas is a family-owned Spanish private hospital operator headquartered in Valladolid, Spain, with a leading position in the Castilla y Leon Spanish inland region. It operates 8 hospitals with c. 540 beds and 13 medical centres across 7 regions.

H.I.G. WhiteHorse has committed €110 million in unitranche loans to refinance the borrower's existing indebtedness and provide additional capital to finance growth, supporting the Company’s expansion. Recoletas is currently developing ambitious projects to expand its healthcare services provided through hospitals and medical centers, as well as diagnostic imaging centers and radiotherapy units.

Amando J. Rodríguez, President and CEO of Grupo Hospitalario Recoletas, said: “We are very happy with the support received from H.I.G. WhiteHorse, which has shown flexibility over the years, allowing the company to tailor its financing structure to meet our changing requirements. The support, reflected in this new financing, will allow the group to continue successfully developing its growth strategy with medical services of the highest quality.”

Ignacio Blasco, Managing Director at H.I.G. WhiteHorse, said: “Recoletas is ideally positioned for the opportunities that lie ahead. We are happy to support its development by providing flexible capital to allow its management to pursue their highly ambitious goals. This transaction highlights H.I.G. WhiteHorse's ability to support the long-term development of its clients by establishing close and lasting relationships.”

About H.I.G. Capital

H.I.G. is a leading global alternative assets investment firm with over €37 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve- outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of €27 billion. For more information, please refer to the H.I.G. website at www.higcapital.com .

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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