Asset manager Barings, as one of the mandated lead arrangers, has helped provide A$270 million (US$175.2 million) of senior secured credit facilities to support private equity (PE) firm Intermediate Capital Group (ICG)’s acquisition of a majority interest of Cura Day Hospitals Group.

The acquisition signifies the PE firm’s second investment in Cura, following its partnership with the company’s doctor and management shareholders in 2014 to facilitate, it states, “its rapid expansion through clinic acquisitions and organic growth, prior to its exit in 2020”.

In addition to supporting its acquisition of Cura, the debt facilities provided will be expected to furnish it with additional growth capital to advance its strategic objectives.

Headquartered in Brisbane, Cura, an independent provider of private day hospital facilities in Australia, operates a diversified national portfolio of 29 facilities, which are strategically located in key metropolitan and high growth regional areas in Australia, performing a wide range of same day medical procedures.

Justin Hooley, Barings’ managing director of private finance for Asia-Pacific, adds: “Barings is pleased to have provided financing for a second acquisition by ICG in the region as they are a reputable sponsor with substantial expertise in the healthcare sector.”