Herbert Smith Freehills has advised Crescent Capital Partners on the debt financing aspects of its acquisition of PRP Group.
Crescent has been the most active private equity manager in healthcare in Australia in the past 10 years and has a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands.
The acquisition of PRP which is one of Australia’s most significant radiology groups was funded by a combination of debt and equity.
The Herbert Smith Freehills finance team was led by partner Hayley Neilson and was assisted by senior associates John Erbacher and Anthony Economou and solicitor Emily Paterson.
Hayley Neilson said, “We are delighted to have assisted Crescent on this acquisition and thank the team for entrusting us to help and support them through this transaction. We thoroughly enjoyed working with the Crescent team and we look forward to continuing to work with them in the future.”
Daren McKennay, Partner from Crescent Capital Partners said, “We have secured an investment in the ‘jewel in the crown’ on the diagnostic imaging market where we look forward to working with the management and doctors to achieve a great outcome.”
This deal is another example of Herbert Smith Freehills’ market-leading work in the leveraged finance sector. Other recent examples include advising:
- Pacific Equity Partners in relation to the financing of Acumen
- Adamantem Capital and Liverpool Capital Partners in relation to the financing of public to private acquisition of Zenitas Limited
- Cardno Limited and Intega Group Limited in relation to the financing of their demerger
- The Carlyle Group and Varde owned BIS on the refinancing following its equity recapitalisation