Modern Bank’s Commercial & Industrial lending group has announced that it has provided first-out revolver and term credit facilities to finance Littlejohn Capital’s acquisition of Alto HealthCare Staffing (“Alto” or the “Company”). Modern Bank partnered with Patriot Capital to provide a unitranche credit facility to facilitate the Sponsor-led buyout of the Company. The financing closed in January 2022.
Founded in 2003 and headquartered in Dayton, Ohio, Alto is a staffing, placement, and human resources business, which provides short-term medical professionals, either Travel or Per Diem, to hospitals, long-term care facilities, and private medical groups. The Company lists and fills contract-based temporary employment vacancies for its customers by leveraging its network of nurses and technicians, based on the customer’s interim needs.
About Modern Bank
Modern Bank provides cash flow based senior debt and unitranche financing to private equity, independent sponsor and entrepreneur backed companies across the lower and middle markets. Modern Bank has a strong track record of delivering tailored solutions to support buyouts/acquisitions, recapitalizations, refinancing and growth capital to companies across a diverse set of sectors including manufacturing, distribution, business services, logistics, and healthcare services. Modern Bank, N.A. is an FDIC insured Bank and an Equal Housing Lender.
Modern Bank works with businesses generating EBITDA of $2+ million with defensible market positions, experienced and committed management teams, and consistent free cash flow.