Monroe backs Pharos buyout

Monroe provided $15.5 million in support of the acquisition of Employee Benefit Solutions. 

Monroe Capital has provided a $15.5 million senior secured credit facility in support of Pharos Capital Group’s acquisition of Employee Benefit Solutions, according to a statement released by the firm on Tuesday.

Employee Benefit Solutions provides healthcare cost containment and wellness programmes to small and mid-sized companies.

Pharos provides late-stage equity funding to small and mid-sized companies in the healthcare and business services industries. Firm investments generally range between $10 million and $30 million in size.

In May, Monroe president and chief executive officer Ted Koenig told Private Debt Investor that the firm’s Senior Secured Direct Loan Fund was 50 percent invested. The $500 million fund, which closed in December 2013, provides secured senior and stretch senior, unitranche, second lien and last-out term loans to North American mid-market companies. The fund secured a term warehouse facility to complement the vehicle's available capital, according to a January press release.

It is unclear whether Monroe executed this transaction through the fund. Koenig could not be reached for comment at press time.

Monroe maintains offices in New York, Boston, Los Angeles, San Francisco, Charlotte, Dallas, Atlanta and Chicago. The firm specialises in providing financing to the healthcare, technology, media sectors, and also operates verticals dedicated to employee stock ownership plan financing and investments in women and minority-owned businesses.