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HIG WhiteHorse provides refinancing and growth capital to Recoletas

HIG WhiteHorse, a credit affiliate of private equity firm HIG Capital, has arranged a EUR60 million Senior Secured Loan for Grupo Hospitalario Recoletas (Recoletas).

Recoletas is a family-owned Spanish hospital group headquartered in Valladolid, Spain. It focuses on the private healthcare market, and operates 7 hospitals and several clinics. The company works with all local insurance companies (c.90% revenues), and maintains a dominant position in Castilla and Leon.

HIG WhiteHorse has provided a flexible financing structure which replaces the company’s existing debt facility and provides additional capital to support growth, continuing the revenue expansion already initiated.

Amando Rodríguez, CEO at Recoletas, says: “This transaction provides Recoletas with the long term stability, and the flexibility to continue investing in its hospital portfolio to build on our current strong market position. HIG WhiteHorse has been supportive and demonstrated a high degree of flexibility and pragmatism in providing us with a solution that suited our requirements and we look forward to working with HIG WhiteHorse as a financing partner in the long term.”

Appu Mundassery, Managing Director at HIG WhiteHorse, says: “This transaction demonstrates HIG WhiteHorse’s ability to tailor a bespoke, flexible and deliverable debt package to support an entrepreneurial Spanish family in its expansion plans. With its strong market share and local expertise, Recoletas is in a good position to exploit opportunities arising from a fragmented market with opportunities to build scale, and we look forward to supporting its future success.”

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