MCG Capital Corporation, a commercial finance company providing capital and advisory services to middle-market companies, is announcing this week that it has closed a $23.7 million investment in Louisiana’s Oceans Healthcare, a provider of mental healthcare for people over 55. MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit.
Oceans Healthcare is a Lake Charles, Louisiana-based healthcare company that specializes in the development and management of behavioral health services. The company offers a wide range of services and expertise to meet all the mental health needs of patients in nearby communities. Its facilities offer the best possible patient care in the least restrictive environment. The company’s goal, as stated on its website, is to be known as a quality provider of mental health services in the southern region of the U.S., and its motto is, "Providing quality healthcare services with dignity and professionalism.”
MCG’s investment, which was announced in a statement this week, has been made in conjunction with the acquisition of Oceans Healthcare by General Catalyst Partners, a venture capital and growth equity firm with $2.2 billion under management. General Catalyst, which provided $17 million in growth-equity financing to Oceans Healthcare, invests in both early and growth stage companies and partners with exceptional entrepreneurs who are building innovative companies and transforming industries. General Catalyst is expected to help Oceans Healthcare expand, doubling its footprint over the next few years and offering its services in surrounding communities.
Edited by Brooke Neuman