Spring Capital Closes New Investment in Scrubs on Wheels
SPRING CAPITAL PARTNERS IV, L.P.
is pleased to announce the closing of an investment in
Universal Med Apparel LLC d/b/a Scrubs on Wheels
Subordinated Debt and Equity
Spring Capital Partners IV, L.P. (“SCP IV”) is a Small Business Investment Company (“SBIC”) as licensed by the United States Small Business Administration in accordance with the Small Business Investment Act of 1958, as amended.
Transaction Overview
Spring Capital Partners IV, L.P. (www.springcap.com) invested subordinated debt and equity to support Birch Swing Capital’s acquisition of Universal Med Apparel LLC d/b/a Scrubs on Wheels (the “Company”). This is the second investment Spring Capital has made with the principals of Birch Swing Capital.
About Scrubs on Wheels
Headquartered in Elkhart, IN, Scrubs on Wheels is a mobile-based provider of medical apparel and accessories serving nursing homes and extended care facilities. Founded in 2001, the Company has grown to operate 21 mobile stores and 3 outlet stores serving over 3,000 facilities across 23 states.
About Spring Capital Partners
Spring Capital Partners was founded in 1999 to provide mezzanine capital to growing small and medium sized businesses. The firm has managed over $600 million of capital and is currently investing out of its fourth fund, Spring Capital Partners IV, a $250 million SBIC. Investments are made in the form of subordinated debt and minority equity, typically in the range of $2 million to $20 million per investment. In addition to investing in change of control/buyout transactions with committed private equity funds and independent sponsors, Spring Capital also provides capital to privately held businesses to support acquisitions, growth, and minority recapitalizations.