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Dec 2020

Audax Private Debt and Adams Street Partners Provide Financing to Support Freeman Spogli’s Acquisition of US Med-Equip

Audax Private Debt and Adams Street Partners, as Joint Lead Arrangers, provided a unitranche credit facility to support Freeman Spogli’s acquisition of US Med-Equip (“USME” or the “Company”), a value-added distributor and rental provider of movable medical equipment. Varagon Capital Partners and Madison Capital Funding, as joint syndication agents, and Willow Tree Credit Partners also supported the financing. Audax Private Debt also served as Administrative and Collateral Agent.

Houston-headquartered USME partners with hospitals across the United States in the rental, sale, service, and asset management of movable medical equipment including diagnostic and clinical devices ranging from infusion pumps and patient monitors to ventilators, newborn incubators, and more. Founded in 2003, USME is a rapidly growing distributor and provider of movable medical equipment rentals with more than 40 locations across 23 states, serving over 1,600 hospital customers with more than 60,000 units in its equipment fleet.

“USME has established itself as a proven leader in the medical equipment rental market, having shown consistent growth since its founding,” said Rahman Vahabzadeh, Managing Director at Audax Private Debt. “The Company’s critical services are in higher demand than ever, and we are excited to continue working with management and Freeman Spogli to help support their key growth initiatives.”

“USME has demonstrated impressive growth and resiliency through several economic environments since its inception,” said Shahab Rashid, Partner and Co-founder of Adams Street’s Private Credit team. “We are excited to partner with Freeman Spogli and support the company as it enters its next phase of ownership.”

“Our lender syndicate was able to structure a financing package that allows USME to continue its growth trajectory and expand into new geographies and ancillary product lines,” said John Hwang, Partner at Freeman Spogli. “The entire group, led by the Audax Private Debt and Adams Street teams, operated in a creative and collaborative way to support the capital needs of the Company, and we are confident in their ability to scale and support our growth objectives as our partners in this investment.”

About US Med-Equip
Founded in 2003 and headquartered in Houston, Texas, US Med-Equip is a leading value-added distributor and rental and related services provider of mission-critical movable medical equipment used in hospitals. The Company provides equipment rentals across four product categories – respiratory, infusion, monitoring and central supply / NICU. For more information, please visit www.usme.com.

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