Caltius Structured Capital Provides Unitranche Debt and Equity to Imagenet, LLC
March 14, 2018
Caltius Structured Capital is pleased to announce the closing of a unitranche debt and common equity investment in Imagenet, LLC (“Imagenet”). The investment was used by the company to refinance debt, fund a shareholder dividend and provide growth capital.
Founded in 2000 in Kent, Wash., Imagenet is a leading provider of outsourced paper-to-electronic (“P2E”) solutions for healthcare companies, retailers and a variety of other customers. Imagenet also provides claims adjudication services, claims audit, call center services and other customized outsourced services for its customers. The company processes over 40 million medical claims and over 175 million total documents per year from its processing centers and kiosks.
“Imagenet has an attractive recurring revenue business model, with outstanding customer retention attributable to its value-added services and strong customer service culture,” said Rick Shuart, managing director of Caltius Structured Capital. “We were impressed by Imagenet’s management team throughout the investment process and are excited to support them as they continue to grow the company.”
“In addition to structuring an attractive financing package with terms and conditions that met our needs, Caltius Structured Capital’s significant experience with similar businesses and transaction types resulted in a smooth and efficient due diligence process,” commented Steve Strawn, founder and CEO of Imagenet. “We look forward to working with Caltius in the years to come.”