BOSTON--(BUSINESS WIRE)--Crystal Financial LLC today announced the closing of a $15.0 million Senior Term Loan for People’s Care Holdings Inc. (“People’s Care”).
People’s Care Holdings Inc. (People’s Care) provides care services for adults with intellectual and development disabilities in the state of California and Nevada. Founded in 1998, the Company operates over 52 residential homes as well as 14 community centers with daily programming.
Proceeds from the financing will be used to consolidate the company’s existing debt facilities, and to finance the expansion of the Company’s network of Group Residential Homes and Community Day Centers.
“Our company is committed to providing our clients and their families with choice, community and dignity through our independent living options and employment service programs for adults with developmental disabilities. The needs for this population are often unmet and therefore we have been fortunate to have experienced significant growth. Identifying a lending partner who understands our mission and is supportive of our plans was critical. Crystal Financial clearly demonstrated their commitment and we are confident in their ability to facilitate our growth,” said Michael Kaiser, Founder and CEO of People’s Care.
Andrew Hettinger, Senior Managing Director of Crystal Financial said, “Michael and his team have built a terrific organization that delivers comprehensive programming and services to support an individual’s path to self-sufficiency. We look forward to a mutually beneficial long term partnership.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About People’s Care Holdings Inc.
Founded in 1998 and headquartered in Chino Hills, California, PCHI is one of the largest providers of residential, daycare, and supported living services for people with intellectual and developmental disabilities (“I/DD”) in California. The Company provides services to over 1,000 clients and employs approximately 1,300 people.
- PCH currently operates 55 residential facilities with a total of 220 bed capacity, 12 day programs (30-50 person avg., ~750 total)., and also separately provides supported living and personal assistant services to approximately 180 individuals with I/DD.
- PCH has an additional 6 residential facilities and 2 day centers completing buildout, licensing and entitlement process.
- The Company also provides autism therapy services and behavior management to 170 clients.