Wells Fargo Capital Finance Surpasses $1 Billion in Healthcare Commitments
SANTA MONICA, September 18, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced that their Healthcare Finance portfolio surpassed $1 billion with the recent $100 million credit facility for Apria Healthcare Group, Inc., a portfolio company of The Blackstone Group. Apria is one of the nation's leading providers of home respiratory services and certain home medical equipment.
Wells Fargo has a deep history in the healthcare industry, stemming from the 1860’s when the bank handled payments for medicines by physicians and patients to the early 1900’s when Wells Fargo opened up its own emergency hospital in New York City. As the healthcare industry continues to evolve, asset-based lending has become a viable and flexible financing solution that can adapt to the ever changing industry.
“Wells Fargo Capital Finance provided us with a creative and flexible financing package that helps leverage our existing asset base for future growth,” said Debra Morris, CFO of Apria Healthcare Group. “Our sector of the healthcare industry continues to experience significant change. It is important for us to have a lender that understands these dynamics and we are pleased with Wells Fargo’s healthcare expertise.”
Apria is a national provider of oxygen therapy, sleep apnea services and advanced wound therapies. With more than 400 locations throughout the US and more than 1.2 million patients served each year, Apria is a leader in the homecare industry.
In recent months, Wells Fargo Capital Finance’s Healthcare Finance team has provided financing to healthcare companies in various sectors such as long-term care, acute care, hospice and imaging. These include: Ensign, Kindred, Nipro Diagnostics, Inc., Lantheus Medical Imaging, Inc., Consulate Health Care, and Bristol Hospice, LLC.
“Our team has remained consistent, flexible and creative in our approach to providing credit to healthcare companies. Our clients expect this approach. It’s incumbent upon us to remain educated and knowledgeable about each healthcare sector,” said Tracy Maziek, senior managing director and head of Healthcare Finance at Wells Fargo Capital Finance. “We were impressed by Apria’s strategic focus and strong management team. We look forward to working with them as their business continues to grow.”
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.