Varagon Capital Partners (Varagon) is serving as administrative agent and joint lead arranger on a senior secured credit facility to support the acquisition of ProVation Medical (ProVation) by Clearlake Capital Group.
Headquartered in Minneapolis, MN, ProVation is a leading software solution provider for intelligent procedure documentation. ProVation is trusted by leading physicians globally, serving approximately 1,500 hospitals and 1,000 Ambulatory Surgery Centers (ASCs), including 16 of the top 20 hospitals for gastroenterology (GI) and GI surgery in the US.
“We are excited to partner with Clearlake in its acquisition of ProVation,” says Sam Kwon, Managing Director at Varagon. “This transaction extends Varagon’s investment experience in the healthcare IT space and we look forward to supporting Clearlake and management in their efforts to continue to grow the business.”
“On behalf of the Clearlake team, we are pleased to have Varagon support our acquisition of ProVation. They provided a flexible debt solution and the entire Varagon team was reliable, easy to work with, and played an integral role in this transaction,” says Behdad Eghbali, Co-Founder and Managing Partner of Clearlake.
