Principal Global Investors, through its direct lending business, Principal Alternative Credit, has served as sole lead arranger and administrative agent on senior secured credit facilities for Versant Diagnostics, an Iron Path Capital portfolio company, in partnership with Alliance Pathology Consultants.
The financing supports Versant Diagnostics emergence as one of the largest, independent, physician-led pathology groups in the Midwest region.
“We are pleased to support Iron Path Capital and Versant as they continue to successfully execute their acquisition strategy,” says Doug Koch, managing director for sponsor originations with Principal. “We look forward to the continued growth and expertise that Versant’s talented management team and physician partners will contribute to this newly formed brand.”
“Principal delivered by committing to the entire facility in support of Versant,” says Rob Reistetter, co-founder of Iron Path Capital. “Their knowledge in the healthcare sector allowed them to move quickly to provide the optimal financing solution for the transaction, demonstrating their flexibility and ability to execute.”
Principal Alternative Credit invests in privately negotiated debt transactions with both sponsor-backed and non-sponsored middle market companies throughout North America that typically have USD5 million or more in EBITDA. The direct lending team targets transactions of USD25 million to USD200 million, with typical hold sizes of USD10 million to USD50 million.
