QMES repositions with $50M in financing
By HME News Staff
Updated Thu April 10, 2014
NEW YORK - QMES, a distributor of DME in nine states, has secured a $50 million senior secured credit facility from CIT Corporate Finance, Healthcare.
QMES will use the facility to refinance legacy debt and provide for ongoing working capital needs, according to a press release.
“QMES has an impressive track record of growth having completed 10 acquisitions since 2012 and effectively establishing itself as one of the largest medical equipment home delivery companies on the East Coast," stated William Douglass, managing director and group head of CIT Corporate Finance, Healthcare, a provider of financing and advisory services to small businesses and middle-market companies. “We look forward to building this relationship.”
QMES is a portfolio company of Quadrant Management, a New York-based private equity and restructuring firm. LMI is also a portfolio company of the firm.
QMES distributes medical supplies to patients in Pennsylvania, New Jersey, Connecticut, Delaware, New Hampshire, New York, Massachusetts, Maryland and Rhode Island. It was created in 2012 through various acquisitions.
“CIT clearly understood our sector and was the ideal partner to support us as we looked to evolve our financial structure to reflect to the company we've become and position ourselves for the future,” said Luke McGee, chairman and CEO of QMES.
Terms of the deal were not disclosed.
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