Shreveport, LA, July 12, 2017 – Seaside Healthcare, Inc. (“Seaside” or “the Company”) announced today it has expanded its senior credit facility. In January 2017, Seaside put in place a $20 million senior credit facility led by Hancock and Whitney Bank. Cadence Bank has now joined the syndicate and increased the facility to $30 million, the proceeds of which will be used to fund future acquisitions.
Seaside, headquartered in Shreveport, offers a community-based continuum of care for clients of any age in need of mental health services. The Company offers a comprehensive suite of behavioral health services, including inpatient psychiatric treatment, partial hospitalization programs, intensive outpatient programs, therapeutic group homes and home and community based services in Louisiana and North Carolina.
Seaside’s equity partner remains Pharos Capital Group, which acquired a controlling interest in the company in December 2013. With the backing of Pharos and under the leadership of Seaside’s experienced management team, the Company has launched additional service lines, grown through 12 add-on acquisitions, and recently expanded geographically into North Carolina.
Franklin Roemer, Seaside CEO, said, “Seaside is pleased to complete this financing and have Hancock and Whitney Bank and Cadence Bank as new partners. With 20% of Americans suffering from some type of mental illness, the need for behavioral health intervention is at an all-time high, and we plan to continue our aggressive expansion plan to serve this population. We are fortunate to have Pharos and our new banking partners as we continue to grow.”
“This refinancing is an important step in Seaside’s growth and is a reflection of not only the urgent need for the Company’s services but also of its sound business model. This facility will provide the capital to fuel Seaside’s expansion by funding future acquisitions,” said Jim Phillips, partner at Pharos and board member of Seaside.
Headquartered in Shreveport, Louisiana, Seaside Healthcare owns, develops and operates a network of facilities and services specializing in mental health treatment services for the adolescent, adult and geriatric population. Seaside's facilities offer a comprehensive psychiatric continuum of care, including acute inpatient treatment, intensive outpatient services, partial hospitalization programs, home and community-based services, and therapeutic group homes. www.seasidehc.com
Based in Dallas and Nashville, Pharos Capital Group is an SEC Registered Investment Advisor. Since inception, Pharos has invested in 50 companies and currently has approximately $730 million of private equity assets under management. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations predominantly across healthcare sectors. For more information about Pharos, please visit www.pharosfunds.com.
Hancock Holding Company is a $25 billion in assets financial services company with regional business headquarters and locations across the Gulf South. The company’s banking subsidiary provides comprehensive financial products and services through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank locations in Louisiana and Texas, including traditional, online, and mobile banking; commercial and small business banking; private banking; trust and investment services; certain insurance services; and mortgage services. The company’s Healthcare banking group is based in Nashville, Tennessee. More information is available at www.hancockwhitney.com.
Cadence Bank is a regional bank with 65 locations across Alabama, Florida, Mississippi, Tennessee and Texas. Backed by 130 years of financial expertise, Cadence is a financially strong institution with a solid capital base and $9.7 billion in assets. Cadence provides consumers, small and middle-market businesses, and commercial clients with a full range of innovative banking and financial solutions, and serves as a sound source of capital for leading companies. The Cadence team of 1,200 associates capitalizes on the bank’s resources, tools and services to deliver on our clients’ goals and accelerate economic growth in the communities we serve.