PeoplesCare
$15 million Senior 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.
“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.”
——Michael Kaiser, Founder and CEO