Epica International Inc., a Landrum, SC-based global leader in advanced medical imaging and precision robotics, closed an $18m growth capital credit facility with [Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P., which are funds of] Avenue Capital Group.
The initial funding of $13.5m will be used to refinance existing debt, support strategic expansion, and accelerate research and development initiatives. An additional $4.5m is available in tranches upon the achievement of specific performance milestones.
The growth capital loan has a four-year term and includes provisions for Avenue Capital to receive a 0.5% equity stake in Epica International, with an option to invest an additional $2m in equity within two years. The lender also has the right to convert up to $3.5m of their principal into common stock at a price of $8.50 per share.
Led by Joe Soto, CEO, Epica International provides advanced medical imaging and precision robotics solutions which are used in a wide range of applications, including human and animal healthcare and research. The company’s patented technologies enhance user accuracy and outcomes, enabling clinicians and researchers to achieve new levels of precision and efficiency. The industrial robotics division specializes in innovative robotic solutions designed to streamline manufacturing processes. By combining advanced automation with precision engineering, the company empowers manufacturers to enhance efficiency, accuracy, and overall production quality.
The company holds 75 issued and pending patents on its medical imaging and robotics platforms in the U.S., EU, and other countries.
FinSMEs
20/09/2024