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.
