Press release
Principal® Supports Iron Path Capital’s Investment with Versant Diagnostics
DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Global Investors®, through its direct lending business, Principal Alternative Credit, announced today it served
About this update from Principal Financial Group Inc
[{"type":"text","content":" DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Global Investors®, through its direct lending business, Principal Alternative Credit, announced today it 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.\n\nThe financing supports Versant Diagnostics emergence as one of the largest, independent, physician-led pathology groups in the Midwest region.\n\n“We are pleased to support Iron Path Capital and Versant as they continue to successfully execute their acquisition strategy,” said 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.”\n\n“Principal delivered by committing to the entire facility in support of Versant,” said 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.”\n\nPrincipal Alternative Credit invests in privately negotiated debt transactions with both sponsor-backed and non-sponsored middle market companies throughout North America that typically have $5 million or more in EBITDA. The direct lending team targets transactions of $25 million to $200 million, with typical hold sizes of $10 million to $50 million.\n\nAbout Principal Global Investors®\n\nPrincipal Global Investors® leads global asset management at Principal®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.\n\nAt our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.\n\nPrincipal Global Investors manages approximately $577.4 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide mar...