Case Summary: PeoplesCare

PeoplesCare

$15.0 Senior Secured Term Loan

Overview

Peoples Care Holdings Inc. (Peoples 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.

Situation

Since its inception the Company has funded its growth through direct investments by the CEO, minority investors and various debt providers. Having outgrown the capacity of its existing lenders, the Company sought a new partner to consolidate its capital structure and finance its continued growth.

Solution

Crystal provided a $15,000,000 First Lien Term Loan, plus a $5,000,000 accordion facility. Proceeds were used to refinance existing debt and provide capital to support the Company’s plans to open more facilities.