TSL Express Daily News

NEW YORK--(BUSINESS WIRE)--Audax Private Debt announced that, as Administrative Agent and Sole Arranger, it provided a unitranche credit facility to support the acquisition of PracticeTek (or the “Company”) by investment funds affiliated with Lightyear Capital, a New York-based private equity firm focused on financial services.

Headquartered in Knoxville, TN, PracticeTek provides more than 16,000 dental, orthodontic, chiropractic, optometry, dermatology, and other healthcare practices with best-in-class software solutions that help them acquire, engage, and bill their patients and manage their practices to grow faster. PracticeTek’s practice management capabilities allow providers to streamline and integrate processes and to make data-driven business decisions through actionable insights.

“With its high-quality solutions that enable better care, lower workloads for staff, and less overhead costs for providers, PracticeTek is uniquely positioned as a leading provider of largely cloud-based software solutions in a highly fragmented industry,” said Ryan Benedict, Managing Director at Audax Private Debt. “We are thrilled to work with the Lightyear Capital and PracticeTek teams, as we all look forward to a new chapter of growth for the Company.”

“Audax Private Debt has proven to be a trusted and reliable partner,” said Michal Petrzela, Managing Director at Lightyear Capital. “The Audax team provided financing certainty and we’re pleased to be working with them again as we continue to execute our growth objectives at PracticeTek.”

About PracticeTek

Formed in 2020, PracticeTek provides more than 16,000 dental, orthodontic, chiropractic, optometry, dermatology, and other healthcare practices with best-in-class software solutions that help them acquire, engage, and bill their patients and manage their practices to grow faster. PracticeTek’s practice management capabilities allow providers to streamline and integrate processes and to make data-driven business decisions through actionable insights. For more information, please visit www.practicetek.com.

About Audax Private Debt

Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, Audax Private Debt has invested over $26 billion across more than 960 companies in support of over 260 private equity sponsors, and has raised over $19 billion in capital. The platform offers its clients a range of financing solutions, including first lien, stretch senior, unitranche, second lien and subordinated debt, as well as equity co-investments. With more than 45 investment professionals and over 100 total employees, Audax Private Debt provides financing certainty, add-on investment capability, and the experience and collaborative approach to partner with private equity firms and their portfolio companies. For more information, please visit www.audaxprivatedebt.com or follow us on LinkedIn.

Audax Private Debt is an integral part of Audax Group, a leading alternative investment manager with offices in Boston, New York, and San Francisco.

Contacts

Ryan Benedict
Audax Private Debt
(212) 703-2706
rbenedict@audaxgroup.com

Media

Sard Verbinnen & Co.
Julie Rudnick / Zachary Tramonti
Audax-SVC@sardverb.com