Oakworth Capital Bank Finances Facility Supporting Navis Clinical Laboratories' Purchase of Lab Business

Rhea-AI Summary

On March 7, 2023, Oakworth Capital Bank (OTCQX: OAKC) provided a senior secured credit facility to finance Navis Clinical Laboratories’ acquisition of the clinical laboratory business from Cordant Health Solutions. The funds assist in both the acquisition and Navis’ ongoing working capital needs. Terrell Taylor, an Oakworth advisor, emphasized the bank's healthcare expertise in ensuring a seamless transaction. With a focus on healthcare providers, Navis offers innovative solutions for substance use and chronic health management, operating labs across New York, Massachusetts, and Washington.

Positive

• Oakworth facilitates a significant acquisition by Navis Clinical Laboratories, indicating strong market positioning.
• The transaction leverages Oakworth's healthcare expertise, enhancing its reputation in the sector.
• Navis is positioned to expand its services with the new acquisition, potentially increasing market reach.

Negative

• None.

BIRMINGHAM, Ala., March 7, 2023 /PRNewswire/ -- Oakworth Capital Bank (OTCQX: OAKC) acted as servicer and sole agent for a senior secured credit facility that supports the Navis Clinical Laboratories purchase of the clinical laboratory business of Cordant Health Solutions. Proceeds from the financing were used to fund the acquisition, as well support Navis' ongoing working capital needs.

"We are fortunate to have Oakworth as a key advisor and banking partner as we build our lab company."

Oakworth Commercial Banking Advisor Terrell Taylor organized the team on behalf of the bank. Taylor's long-tenured experience in serving the healthcare industry played a key role in providing Navis with a seamless, easy experience, based on expert advice.

"This transaction displays Oakworth's unique ability to leverage our healthcare expertise and streamlined diligence and credit process to help provide debt capital to companies like Navis," said Taylor. "We are pleased to invest in such a strong and experienced management team that possesses a great reputation and track record of success in the lab space."

Navis President and CEO Richard Stripp, Ph. D. added, "At the onset, Oakworth assured us of their ability to move quickly and showed real flexibility during negotiations and closing. We appreciate the efficient and transparent way in which Oakworth worked with us. We are fortunate to have them as a key advisor and banking partner as we build our lab company."

Navis, headquartered in Franklin, Tenn., provides innovative solutions tailored for healthcare providers who treat patients with substance use disorder, chronic pain, mental health conditions and other chronic health conditions. Its proprietary, patented medication-monitoring tool, CORE (Comprehensive Oral Fluid Rx Evaluation), uses saliva samples to help providers determine if medication is present at a steady-state level consistent with the prescribed dosing regimen or if there are metabolic or health issues that need more investigation. The company currently has three laboratories located in New York, Massachusetts and Washington and serves clients throughout the United States.

About Oakworth Capital Bank
Oakworth Capital, Inc. operates as the bank holding company for Oakworth Capital Bank (OTCQX: OAKC). Oakworth was founded in 2008 and operates three offices in the Southeast, including its headquarters in Birmingham, Alabama and plans to open a fourth office in 2023. Oakworth provides commercial and private banking, wealth management and advisory services to clients across the United States.

Oakworth has been named the #1 "Best Bank to Work for" for the past five years in a row (2018-2022) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (January 2022 to January 2023) and has a client retention rate of 95% in 2022. As of Dec. 31, 2022, Oakworth had $1.3 billion in total assets, $974 million in gross loans, $1.2 billion in deposits and $1.8 billion in wealth and trust assets under management. For more information, visit www.oakworth.com.

About Navis Clinical Laboratories
Navis Clinical Laboratories (navisclinical.com) is committed to providing cutting-edge toxicological, molecular and clinical laboratory testing solutions for healthcare providers in the behavioral health, mental health, chronic pain management and addiction treatment spaces, as well as for hospitals and health systems, to increase patient access to whole-person healthcare and improve overall health and well-being.

For more information contact: 
Sonia Blumstein
Phone:  205.271.2017 
Email: Sonia.Blumstein@oakworth.com 

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SOURCE Oakworth Capital Bank

FAQ

What business did Oakworth Capital Bank finance for Navis Clinical Laboratories?

Oakworth Capital Bank financed the acquisition of the clinical laboratory business of Cordant Health Solutions for Navis Clinical Laboratories.

What is the ticker symbol for Oakworth Capital Bank?

The ticker symbol for Oakworth Capital Bank is OAKC.

When did Oakworth Capital Bank announce the financing for Navis Clinical Laboratories?

Oakworth Capital Bank announced the financing on March 7, 2023.

What services does Navis Clinical Laboratories provide?

Navis Clinical Laboratories provides toxicological, molecular, and clinical laboratory testing solutions for healthcare providers, especially in behavioral health and addiction treatment.

What key expertise did Oakworth Capital Bank utilize in this transaction?

Oakworth Capital Bank utilized its healthcare expertise and streamlined credit process to facilitate the financing for Navis Clinical Laboratories.