Bluhaus Capital recibe espaldarazo de la Administración de Pequeños Negocios
https://www.elnuevodia.com/negocios/empresas-comercios/notas/bluhaus-capital-recibe-espaldarazo-de-la-administracion-de-pequenos-negocios/
Local Puerto Rico Fund and Financing Provider Work Together to Provide Financing to Puerto Rico Hospital Supply, Inc. and Customed, Inc. as part of its Bankruptcy Reorganization Plan
SAN JUAN, Puerto Rico, December 30, 2020 – Bluhaus Small Business Fund (“Bluhaus”, or the “Fund”) was the largest lender in an Acrecent Financial Corporation (“Acrecent”) led $13 million syndicated financing to Puerto Rico Hospital Supply, Inc. and Customed, Inc. (“PRHS” or “Customed” or jointly the “Company”) to fund its emergence from Chapter 11 bankruptcy.
The investment will help the local Company to be better positioned for expected growth in 2021 and beyond, while significantly reducing its debt and strengthening its balance sheet. Eduardo Inclán Managing Partner of the Bluhaus Small Business Fund notes, “Company management had presented an aggressive restructuring plan which included significant milestones that they met prior to the closing, demonstrating their commitment to the business plan and their ability to execute. The Company now emerges from bankruptcy with a strong balance sheet, strong market position, proven management, and a positive outlook. We are delighted to have participated in this investment opportunity with Acrecent and the rest of the investor group.”
About Puerto Rico Hospital Supply, Inc:
Puerto Rico Hospital Supply, Inc. (“PRHS“) is the leading distributor of medical supplies and equipment in Puerto Rico. The Company offers surgical supplies, beds and furniture, monitoring equipment, radiology machines, and maintenance supplies. PRHS serves hospitals, doctors offices, hospices, laboratories, radiology centers, pharmacies, and other health care facilities throughout the Island.
Customed, Inc. assembles and sterilizes disposable medical devices arranged into kits and packs for various nursing and surgical procedures. In addition, the Company markets and sells a complete line of products manufactured under its brand name.
About Bluhaus Small Business Fund:
Bluhaus Small Business Fund is headquartered in San Juan, Puerto Rico. The Fund provides tailored debt and equity capital solutions to small and medium-sized enterprises. The Fund was launched in March 2020 after being licensed by the U.S. Small Business Administration as a Specialized Small Business Investment Company. The Fund’s investment objective is to provide debt and related equity investments to small and medium-sized businesses with committed and experienced management teams in a broad variety of industries. Bluhaus is a value-added partner to entrepreneurs, management teams and business owners.
Bluhaus Small Business Fund Completes Investment in Super Automotive Products INC
SAN JUAN, Puerto Rico, December 23, 2020 – Bluhaus Small Business Fund (“Bluhaus”, or the “Fund”), a Puerto Rico-based private equity fund, completed an investment in Super Automotive Products Inc. (“Super Truck”), to support the Company’s acquisition of certain assets from Guaraguao Truck Sales Inc. The acquisition was accomplished through financing package that included senior bank debt provided by a commercial bank and subordinated debt provided by the Fund.
This transaction is the second investment of the Fund, which worked closely with Super Truck and its Chief Executive Officer, Mr. Jorge Mederos for over a year, providing support in all aspects of the transaction from negotiations with the seller and the preparation of financial projections and valuation analyses, to performing due diligence and arranging the complete financing package required for the acquisition.
Jorge Mederos commented “this acquisition allows Super Truck to eliminate redundancies that the 2 businesses had independently, as well as capitalize on the strengths the companies had individually. We are now the largest Truck Dealer in PR, with 9 stores and 3 full service facilities to serve customers island wide. Our footprint makes a Navistar International truck the sensible decision to consider for anyone looking to purchase a new truck.
Eduardo Inclán of Bluhaus Small Business Fund said of the transaction, “We’re excited for the Super Truck team as they capitalize on strong growth opportunities within the trucking industry. Mr. Mederos brings a wealth of experience within the industry and we look forward to continuing working with him as Super Truck continues to grow and expand to the new truck sales segment, which we believe has great potential.”
About Super Truck:
Super Truck was founded in 1965 and is the leading distributor of parts and heavy equipment for trucks, trailers, and buses throughout the Caribbean. The Company is also leader in the sale medium-size trucks and the sole dealer for Navistar International trucks in Puerto Rico. The Company currently has nine stores across the island and three service facilities strategically located in Toa Baja, Ponce and Bayamón.
About Bluhaus Small Business Fund:
Bluhaus Small Business Fund is headquartered in San Juan, Puerto Rico. The Fund provides tailored debt and equity capital solutions to small and medium-sized enterprises. The Fund was launched in March 2020 after being licensed by the U.S. Small Business Administration as a Specialized Small Business Investment Company. The Fund’s investment objective is to provide debt and related equity investments to small and medium-sized businesses with committed and experienced management teams in a broad variety of industries. Bluhaus is a value-added partner to entrepreneurs, management teams and business owners.
Bluhaus Small Business Fund Completes Investment in Acrecent Financial
SAN JUAN, Puerto Rico, November 25, 2020 – Bluhaus Small Business Fund (Bluhaus, or the “Fund”), a Puerto Rico-based private equity fund, completed an investment in Acrecent Financial Corporation, an alternative lender with nearly two decades dedicated to addressing the credit needs of small and medium-sized enterprises (“SMEs”). This investment is the Fund’s inaugural transaction.
James Connor, CEO of Acrecent commented, “Catalyzing Puerto Rico’s enormous socio-economic development potential requires impact-centric investments in sizes that move the needle, and that’s exactly what Bluhaus did with this first $5 million investment from their first fund. The multiplier effect will be ample as the Acrecent team deploys it consistent with its mission and long track record of addressing the chronic credit gap of Puerto Rico SMEs. We are thrilled to partner with the Bluhaus team.”
Eduardo Inclán, Managing Partner of the Bluhaus Small Business Fund, “Acrecent has built an outstanding business. The Company is an excellent fit with our investment strategy given its leading market position, strong customer relationships, reputation, and attractive growth prospects. We are excited to support the Company as it enters its next growth phase.”
The proceeds from the investment will boost Acrecent’s lending capacity to serve more of the island’s proven but overlooked businesses. Through the global financial crisis, a protracted economic recession in Puerto Rico, hurricanes, earthquakes and the COVID-19 pandemic the Acrecent team has been true to its mission of making impactful credit accessible, prudently, when it makes the most difference.
About Acrecent Financial Corporation:
Acrecent Financial Corporation was founded in 2003. The Company is a leaing provider of financing solutions for small and medium-sized enterprises in Puerto Rico. Acrecent offers several financing products to meet their customers’ needs including loans and leases secured by equipment or real estate, and special situations loans. Acrecent has ample industry coverage including healthcare, manufacturing, hospitality, services, commercial real estate, among others.
About Bluhaus Small Business Fund:
Bluhaus Small Business Fund is headquartered in San Juan, Puerto Rico. The Fund provides tailored debt and equity capital solutions to small and medium-sized enterprises. The Fund was launched in March 2020 after being licensed by the U.S. Small Business Administration as a Specialized Small Business Investment Company. The Fund’s investment objective is to provide debt and related equity investments to small and medium-sized businesses with committed and experienced management teams in a broad variety of industries. Bluhaus is a value-added partner to entrepreneurs, management teams and business owners.