GE Capital, Healthcare Financial Services announced that it has closed, as administrative agent, $115 million in senior secured credit facilities for Evolution1 (formerly Evolution Benefits, Inc.), a portfolio company of Genstar Capital, LLC. The financing was used to recapitalize Genstar’s acquisition of Evolution Benefits and support the company’s acquisition of Lighthouse1, LLC. GE Capital Markets served as sole lead arranger and joint bookrunner.
Evolution1 and its partners serve more than seven million consumers, making it the nation’s largest electronic payment, on-premise and cloud computing healthcare solution that administers reimbursement accounts, including HSAs, HRAs, FSAs, VEBAs, Wellness and Transit Plans. It meets up to 1,200 unique plan designs, provides innovative auto-substantiation technologies, simplifies user experience, and automates workflow for partners, employers, and consumers. It does this on one technology platform comprised of Lighthouse1™, PayDirect®, the Benny® Prepaid Benefits Card, Lighthouse1 OneCard™ and integrated web portals. Evolution1 and its partners are dedicated to delivering value, reducing costs and simplifying the business of healthcare.
“GE Capital’s Healthcare Financial Services business has been a supportive financing resource,” said Patrick J. Murphy, senior vice president and chief financial officer of Evolution1. “Having a lender that has deep industry knowledge and experience provides assurance that we have the capital necessary to execute our growth strategy.”
“We are pleased to work in collaboration with Genstar Capital as Evolution1 continues to grow its business,” said Robert McCarrick, senior managing director for GE Capital, Healthcare Financial Services’ corporate finance group. “Our products, healthcare expertise and financing experience enabled us to provide Evolution1 with the necessary growth capital to help them maintain industry leader status in electronic payment solutions for the employee benefits market.”
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of capital and services to the healthcare industry, with investments in more than 40 sub-sectors including senior housing, hospitals, pharmaceuticals, and medical devices. Our team of professionals provides deep industry expertise to create business and financial solutions tailored to meet the individual needs of our customers. For more information, visit gecapital.com/healthcare.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. Visit ge.com.