White Oak Provides Financing to Support Acquisition of Port 45 Recovery by Sunrise Treatment Center

By: White Oak Global Advisors, LLC via Business Wire

November 09, 2021 at 08:00 AM EST

White Oak Healthcare Finance, LLC (“White Oak”) announced today that it acted as sole lender and administrative agent of a senior credit facility to support the acquisition of Port 45 Recovery LLC (“Port 45”) by Sunrise Treatment Center, LLC (“Sunrise” or the "Company"), a Bridges Fund Management L.P. (“Bridges”) portfolio company.

Founded in 2007, Cincinnati, OH-based Sunrise is a substance abuse treatment provider in Ohio and Kentucky. Port 45’s services include partial hospitalization, intensive outpatient, traditional outpatient, aftercare, recovery housing and group therapy offerings.

“An individual-focused treatment approach, which combines mental health counseling and medication-assisted treatment has been proven to reduce deaths and save lifetime clinical care costs,” said Ross Eldridge, Executive Vice President and Chief Originations Officer at White Oak. “Sunrise is distinguished by their experienced management team, clinical outcomes and commitment to the communities they serve.”

Sunrise is backed by Bridges, a lower middle-market private equity fund focused exclusively on sustainable and impact investments. Bridges invested alongside the existing Sunrise management team in 2019.

“We are very excited about our partnership with White Oak given their team’s deep experience in behavioral healthcare. White Oak provided an efficient execution and significant growth capital that will support our continued expansion,” said Ed Niemczyk, Partner at Bridges. “The combination of Sunrise and Port 45 will provide the residents of Ohio and Kentucky with a high-quality treatment option that is fresh, innovative, and efficient. The model will further cement Sunrise as a leading provider of addiction treatment in the United States and a model that can be expanded nationwide.”

About Sunrise Treatment

Sunrise Treatment Center was founded in 2010 as a substance abuse treatment program focusing primarily on opioid use disorders. There are locations in Southeast Ohio and Kentucky. Services include medication-assisted treatment, mental health counseling, case management, and crisis intervention.

About Port 45 Recovery

Port 45 was founded in 2016 and has locations in Portsmouth and Columbus, Ohio. It offers treatment through a variety of programs that include partial hospitalization, intensive outpatient, traditional outpatient, aftercare, and recovery housing. Sunrise and Port 45 combined will enhance the service offering to their respective patients and enable them to be served in a more comprehensive manner.

About White Oak Healthcare Finance

White Oak Healthcare Finance, LLC (“WOHCF”), an affiliate of White Oak Global Advisors, LLC is a lender to all subsectors within the healthcare industry including healthcare services, pharma and life sciences, medical devices, healthcare technology, healthcare real estate, hospitals and SNFs. WOHCF has deep domain expertise with a sole focus on healthcare, which enables it to provide flexible and creative solutions with certainty of execution. WOHCF offers a differentiated product set including cash flow term loans, asset based loans and ABL Stretch facilities, unitranche facilities, last out financings, real estate financings, equipment financings and opportunistic investments.

About White Oak Global Advisors

White Oak Global Advisors, LLC (“WOGA”) is a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Together with its financing affiliates, WOGA provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $10 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.