Penfund backs launch of Aveanna with $75 mln investment

Canadian private equity firm Penfund has made a US$75 million second-lien debt investment in Aveanna Healthcare, an Atlanta, Georgia-based pediatric home healthcare company serving medically fragile children. Aveanna, which is owned by U.S. private equity firms Bain Capital, J.H. Whitney Capital Partners and other investors, including Penfund, was launched in a merger last month. The transaction brought together PSA Healthcare and Epic Health Services. PSA previously secured US$53.5 million in financing from Penfund. The Toronto-based investor raised $724 million for its fifth mid-market fund in 2016.

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