Article
Francisco Partners Buys Capsa Healthcare; MidCap Leads Debt Financing
Francisco Partners has acquired healthcare products company Capsa Healthcare from Levine Leichtman Capital Partners, with MidCap Financial leading a debt financing package supporting the transaction, according to sources.
Canal Winchester, Ohio-based Capsa manufactures products such as medical carts, workstations and supply cabinets. The company generates EBITDA in the $80 million to $100 million range, sources said.
Levine Leichtman exited its investment in Capsa in April 2026, according to the private equity firm’s website.
The Australian Competition & Consumer Commission’s website shows Francisco Partners as Capsa’s acquirer.
Existing lenders to CSHC Buyerco LLC, the entity associated with Capsa Healthcare, are Blackstone Private Credit Fund, Midcap Apollo Institutional Private Lending and Midcap Financial Investment Corp, according to Octus’ BDC Database. The lenders hold a portion of the borrower’s first lien loan due September 2026, which is priced in the SOFR+475 bps-485 bps range, according to the database.
Senior direct lending facilities to back M&A in the healthcare sector tightened to an average of about SOFR+491.7 bps in the first quarter of 2026 from about SOFR+507.9 bps in the fourth quarter of 2025, according to Octus’ Private Credit dashboard.
Levine Leichtman, a Beverly Hills, Calif.-based investment firm, acquired Capsa from Keystone Capital in September 2017. Levine Leichtman made the investment through Levine Leichtman Capital Partners VI LP, which closed with $2.5 billion of committed capital in 2019.
Representatives for Levine Leichtman, Francisco, Capsa and MidCap did not immediately respond to requests for comment.
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