Monroe provides $100m to Florida finance firm

Monroe Capital’s financing will be used, in part, for the acquisition of healthcare receivables-focused firm Echelon.

Monroe Capital has provided a $100 million (£82 million, €94 million) senior secured credit facility to Florida-based DRB Financial Solutions. The financing will be used, in part, to purchase Echelon Group, a firm focused on purchasing medical-related accounts receivables.

Terms of the loan could not be determined by time of publication.

The financing will be used by DRB for two purposes, Ted Koenig, chief executive officer at Monroe, told PDI. As well as funding the acquisition the financing package will also be utilised to help Echelon in purchasing additional receivables.

The deal comes on the heels of another healthcare-related financing package provided by Monroe. The firm extended a $125 million credit facility in February supporting the recapitalisation of an unnamed healthcare company.

Healthcare is an attractive sector for Monroe due to changing demographics and regulations, Koenig noted. “The healthcare business is being redefined,” he told PDI.

DRB is based in South Florida and provides liquidity solutions to a variety of businesses. The firm is backed by a Blackstone-managed private equity fund– the Blackstone Tactical Opportunities Fund. A spokesman for the firm did not return calls seeking comment by time of publication.