FOR IMMEDIATE RELEASE
January 11, 2019
Byline Sponsor Finance Group supports Boyne Capital in its formation of Infusion Associates Management, Inc.
Byline Bank’s Sponsor Finance Group (“BSFG“), the cash flow lending division of Chicago-based Byline Bank, announced that it has provided revolver and term credit facilities to support Boyne Capital’s (“Boyne”) investment in Infusion Associates Management, Inc. (“IAM”), a newly-formed management services organization that will oversee a network of ambulatory infusion clinics across the Midwestern U.S. In conjunction with the transaction, IAM has entered into a strategic partnership with Infusion Associates, PLLC (“Infusion Associates” or the “Practice”), a leading provider of ambulatory infusion services to patients in the Western Michigan market. IAM will support the continued growth of the Practice both locally and into new markets, as well as enter into future partnerships with leading ambulatory infusion providers in the Midwest region.
Headquartered in Grand Rapids, Michigan, Infusion Associates is one of the leading ambulatory infusion practices in the Midwest, administering more than 15,000 treatments annually across various chronic conditions including Crohn’s Disease, ulcerative colitis, multiple sclerosis, rheumatoid arthritis, and a number of rare genetic diseases. The Practice’s specialized team of physicians and advanced practitioners possess decades of experience with infusion therapy, managing patient cases on a long-term basis and administering treatments on behalf of more than 500 referring physicians.
IAM will be led by CEO Joseph Herrod, a 30-year industry veteran bringing a clear vision for growth of the platform and optimization of the infusion services business model. Infusion Associates’ Founder and Medical Director, Dr. Khan Nedd, holds significant ownership in IAM and maintains his current role with the Practice, overseeing all clinical operations. Spell Capital Mezzanine Partners invested both mezzanine debt and equity in support of the transaction. BSFG was represented by Duane Morris LLP.
“We are excited to support the team at Boyne in another platform investment. Additionally, we are looking forward to partnering with industry veterans Joseph Herrod and Dr. Nedd to build upon an already strong foundation. The expanded platform will reach more patients that are in need of infusion therapies and looking for improved quality of life,” said Jim Kuncl, Senior Vice President of Byline Sponsor Finance Group.
About Byline Sponsor Finance Group
Byline Sponsor Finance Group, headquartered in Chicago, IL, with an additional office in Atlanta, GA, provides senior secured cash flow loans to private equity backed lower middle market companies throughout the United States. BSFG focuses on companies that generate EBITDA between $2 million and $10 million with products that support the acquisition, recapitalization and growth investment efforts of private equity firms operating in the lower middle market. For more information visit: www.bylinebank.com/sponsor-finance.
About Byline Bank
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE:BY), is a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank has approximately $4.9 billion in assets and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.
About Boyne Capital
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business & financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders’ partial or full exit. For more information, please visit www.boynecapital.com.
About Spell Capital Mezzaine Partners
Spell Capital Mezzanine Partners is a Minneapolis, MN based mezzanine fund that provides mezzanine financing to lower middle-market companies throughout the United States, targeting businesses with EBITDA of $2.0 million and above. The fund invests in a variety of industries in companies with high-quality management, adequate revenue diversification, stable and growing end-market demand, defensible market positions and sustainable free cash flow. For more information, visit www.spellcapital.com.
For more information please contact:
Jim Kuncl, SVP
Group Head, Sponsor Finance Group, Byline Bank
Dan Delgadillo, SVP
Sponsor Finance Group, Byline Bank