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Crown Capital Partners Announces Repayment of Loan by CRH Medical
Crown Capital Partners Announces Repayment of Loan by CRH Medical Canada NewsWire ...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Announces Repayment of Loan by CRH Medical\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, June 26, 2017\n\n\n\nCALGARY, June 26, 2017 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN), which provides growth capital to successful mid-market companies, today announced the repayment by CRH Medical Corporation (\"CRH\") of a special situations loan managed by Crown. \n\nBased in Vancouver, CRH is a North American company focused on providing gastroenterologists throughout the United States with innovative services and products for the treatment of gastrointestinal diseases. Crown arranged a $22.5 million, 42-month term loan to CRH Medical in December 2014 to support the company's acquisition of Gastroenterology Anesthesia Associates, LLC.\n\n\"CRH has been an outstanding client and performer, increasing both its EBITDA and market cap by more than 10 times since the start of our relationship,\" said Chris Johnson, President and CEO of Crown. \"Our capital enabled their first anesthesia services acquisition, and the team has executed a consolidation strategy to create tremendous value for shareholders. Concurrently, they have expanded their access to credit through an increased senior facility. We wish the company continued success.\"\n\nEdward Wright, Chief Executive Officer of CRH, commented, \"Crown has been a very important and supportive partner in our business over the past several years, and their financing solution was the ideal one for CRH at the time, allowing us to execute on a transformational acquisition while minimizing dilution.\" \n\nCRH has prepaid this loan in full, including principal, interest and fees. The CRH loan was held by Norrep Credit Opportunities Fund II, LP and Norrep Credit Opportunities Fund II (Parallel), LP (collectively, the \"NCOF Funds\"), investment funds managed by Crown and in which Crown holds a 53.6% interest in aggregate. Crown has no further participation in CRH and the realized gross IRR on the loan was approximately 43%....