QMES secures more financing

 - 
Friday, June 2, 2017

NEW YORK – HME platform company QMES has obtained a second round of financing from CIT Group.

QMES, a DME provider in the Northeast, will use the $65 million secured senior credit facility to refinance legacy debt and support growth, according to a press release.

“QMES’s active M&A growth strategy has led to the successful completion and integration of more than 15 acquisitions and they currently serve over 100,000 patients annually,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business. “As a result, the firm has grown to become the largest DME provider in the Northeast.”

QMES is a portfolio company of Quadrant Management, a New York-based private equity and restructuring firm that bought Landauer Metropolitan in 2013. An affiliate of Quadrant in May bought Braden Partners—better known as Pacific Pulmonary Services—and Associated Healthcare Systems from Teijin Limited.

QMES received a $50 million senior secured credit facility from CIT in 2014.

“Overall, the population is aging and we’re seeing growing rates of chronic diseases,” said Luke McGee, CEO of QMES in the release. “As a result, there’s a need for the type of equipment we distribute (i.e. CPAP machines, wheelchairs, ventilation equipment, etc.). CIT’s deep industry expertise and experience in financing middle market health care firms makes them a perfect financing partner for us and we’re excited to continue to build the business with them.”