Wafra Capital Partners has acquired Oxford Finance, a private firm specialising in providing senior debt to life sciences and healthcare companies, the firms announced on Thursday.
The total cost of the acquisition exceeds $1 billion, which includes the acquisition price, a refinancing of Oxford’s senior secured notes due 2018, and growth capital. Oxford will use the proceeds to expand its origination and portfolio, particularly in the healthcare, under Wafra’s management.
“The entire Oxford team is very excited to launch our new relationship with Wafra which we believe will enhance our products, capacity and service to our market. We believe that the expansion of our capital base from Wafra will give us the platform to grow our multi-billion-dollar enterprise into the next level in the healthcare lending marketplace,” Alden Philbrick, Oxford’s president and chief executive officer, said in a statement.
Wells Fargo acted as financial advisor to Wafra in connection with the transaction, while Macquarie Capital and JPMorgan acted as financial advisors to Oxford.
New York-based Wafra Capital Partners is an affiliate of the investment advisor Wafra Investment Advisory Group, which is owned by an agency controlled by the government of Kuwait. Wafra Capital manages over $4.4 billion in commitments and assets under management, while WIAG and their affiliates have over $18.9 billion of commitments and assets under management as of 30 June.
Virginia-based Oxford Finance has invested more than $4 billion in senior secured loans to nearly 500 life sciences and healthcare service companies, with credit facilities ranging from $5 million to $100 million.