CHICAGO, IL / ACCESSWIRE / July 11, 2022 / O2 Sponsor Finance, a division of Old Second National Bank, today announced that it has secured over $22,800,000 in secured financing to support Cairngorm Capital Partners LLP (“Cairngorm”) and SageHome Inc. (“SageHome”) in their acquisition of New Bath Today Inc. (“NBT”).
Based in Atlanta, Georgia, SageHome bridges the significant gap between healthcare and proactive home modification. It combines professional design and installation teams, with the expertise of occupational therapists, to create modern, functional and safe living spaces that allow seniors to remain independent in their own homes. SageHome offers quick service to homeowners who are proactively preparing their homes to allow them to comfortably age in place, and also serves individuals transitioning from care facilities to their own home. SageHome’s mission is to provide a full-service, national-to-market solution that will enable seniors and people with disabilities to live independently at home and help reduce hospital admissions and readmissions across the US.
SageHome’s first acquisition, New Bath Today Inc. (“NBT”) is an award-winning specialist in bathroom renovations, with a particular focus on the wet area of the bathroom – one of the key risk areas in a care home. Headquartered in Indianapolis, Indiana, and currently serving six states throughout the Midwest, NBT offers elegant bathroom solutions, such as walk-in tubs and low-threshold showers, that can be installed within one day with minimal disruption to homeowners. .
“We are excited to partner Cairngorm’s investment with SageHome in New Bath Today, to help support and develop their Aging in Place initiatives,” said Thom Karle, Senior Vice President of O2 Sponsor Finance. “NBT’s product portfolio and talented team position it strongly for future growth.”
About Cairngorm Capital Partners LLP (London, United Kingdom): Cairngorm is a specialist private equity firm providing equity capital and management expertise to leading companies. It invests in private mid-market growth companies with strong performance in the manufacturing, distribution and service industries. Cairngorm Capital’s buy, build and transformation expertise, gained from growing other assisted living businesses such as Millbrook Healthcare, will support SageHome’s ambition to deliver on its accelerated growth strategy.
About O2 Sponsor Finance: O2 Sponsor Finance is a national provider of cash flow based loans to lower middle market businesses with typically $10 million to $100 million in revenue and between $2 million and $10 million in EBITDA. O2 Sponsor Finance focuses on supporting private equity sponsors, independent sponsors and family offices in their acquisition or recapitalization of companies in the lower middle market. www.O2sponsorfinance.com.
About Old Second Bancorp, Inc.: Old Second Bancorp, Inc., headquartered in Aurora, Illinois, is the bank holding company for Old Second National Bank, which celebrated 150 years in business in 2021. Old Second’s common stock trades on the NASDAQ stock exchange under the symbol “OSBC”. More information about Old Second is available by visiting the Investor Relations section of its website at www.oldsecond.com.
Old Second National Bank, member FDIC, was recently named number one among the “Best Banks in Illinois 2021.” This was the second year in a row that the bank was chosen by customers for the award. The awards are based on a survey of over 25,000 US customers who rate banks on overall satisfaction, as well as trust, terms, branch service, digital services and financial advice.
As of March 31, 2022, Old Second has approximately $6.2 billion in assets, $5.5 billion in deposits and $3.4 billion in loans.
SOURCE: Old Second Bancorp Inc.
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