Schweiger Dermatology Group Secures $20M Credit Facility from Triangle Capital Corporation
New York, NY – June 21, 2017: Schweiger Dermatology Group (“SDG” or the “Company”) announced today that it has secured a $20 million debt facility from Triangle Capital Corporation (NYSE: TCAP) to help fund and support its growth. Under the terms of this facility, the total funding may be increased to $30 million in the near term and has the potential to grow to $50 million over the life of the facility. The capital will be deployed by SDG to continue with its de novo expansion and acquisition strategy in the Northeast. With over 20 locations in the New York metro area, Schweiger Dermatology Group is the largest dermatology group in the region and continues to expand and break new ground in the field of dermatology with modern, state-of-the-art offices, same day appointments, and extended hours along with top notch providers, cutting edge treatments and excellent patient care.
“We are focused on creating the ultimate patient experience, which consists of providing convenient access to top dermatology providers in the greater New York metropolitan area, in state of the art facilities,” says Dr. Eric Schweiger, founder and C.E.O. of SDG. “We are excited to partner with TCAP, which will help us to deliver our vision of modern dermatological care to even more patients.”
Adds James Burke, Managing Director at TCAP: “We have been impressed with the platform and team that Dr. Schweiger has built to date and we look forward to supporting the Company as it continues to expand its footprint in the future.”
About Triangle Capital Corporation:
Triangle Capital Corporation (www.TCAP.com) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million – $50.0 million per transaction in companies with annual revenues between $20.0 million and $300.0 million and EBITDA between $5.0 million and $75.0 million.
About Schweiger Dermatology Group:
Schweiger Dermatology Group is the premier provider of dermatology services in the New York City area. The Company currently owns and operates over 20 locations throughout Manhattan, Brooklyn, Queens, Long Island, Westchester County, Rockland County, and New Jersey. Under the leadership of Founder and Chief Executive Officer, Dr. Eric Schweiger, SDG provides dermatology services to over 250,000 patients annually. The Company provides advanced treatments for all skin care needs and offers unique patient benefits including same-day scheduling.