$110 Million Credit Facility Announced for Affordable Assisted Living Care Facilities and Technology
PHOENIX AND NEW YORK–Canexxia Equity Partners “Canexxia” or the “Company”) announced that, effective January 15, 2019, it entered into negotiations for a new credit facility, consisting of a $90 million term loan and a $30 million revolving line of credit. This new credit facility, once approved, will accelerate acquisitions of Assisted Living communities in Pittsburgh, PA and North East Ohio.
“This new credit facility will provide the momentum to follow through on our aggressive acquisition schedule” said Maceo Jourdan, the Company’s Co-Founder and president. “Canexxia will consolidate a fragmented and aging sector that’s frighteningly behind the times.” The company expects to close the new credit facility within the next 20 days.
“The industry is ill-equipped to deal with the coming tsunami of aging Baby Boomers. This up-and-coming group expects a level of technology and service unreachable by existing communities,” Jourdan adds, “With the advances in sensors, internet of things (“IoT”), and penetration of high-speed internet we can now deliver cutting-edge services the new aging population demands. We will acquire communities through 2022 in order to meed the coming wave of demand.”
Canexxia Equity Partners delivers innovative technology to communities in the assisted living and home health care markets. The company specializes in acquisition and integration in healthcare and plans to grow at a rapidly increasing rate into 2023 by vigorously acquiring single-owner and small-network assisted living communities.