The long-running shareholder legislation over the 2006 $3.5 billion acquisition of Renal Care Group appears to be nearing its end. Attorneys for both sides will convene Jan. 18 before Chancellor Claudia Bonnyman to approve a proposed $4 million settlement.
The private-equity firm that helped orchestrate the 2004 creation of locally based auto insurer First Acceptance Corp. has teamed with the former CEO of Renal Management to launch another entrant into the dialysis services market. Corva LLC is headquartered outside Denver and already has bought a clinic in Houston. Flexpoint Ford says it will invest up to $75 million in the company led by Jerry Simonsen. Together, they will look to make their mark in a sector that has seen plenty of big deals in the last few years, a number of which involved local players Renal Advantage and DSI.
GE Capital, Healthcare Financial Services announced today that it is administrative agent on $193 million in senior secured credit facilities for DSI Renal, Inc. The financing supports DSI’s acquisition of 54 dialysis clinics from Fresenius Medical Care AG, and makes DSI the fourth largest for-profit provider of dialysis services in the country. GE Capital Markets served as joint lead arranger and joint book runner on the facilities.