Powering Growth With a $20,000,000 Participation

How Haversine helped a national factor retain and scale a high-growth healthcare relationship.

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Haversine expanded its support of a rapidly scaling, private-equity-backed healthcare manufacturer by funding a $20 million participation in an $80 million factoring facility. The underlying client—a commercial-stage developer of advanced therapies—required significant expansion capital to keep pace with accelerating demand, long manufacturing cycles, and the launch of new FDA-approved products. The opportunity came through one of Haversine’s long-standing national factoring partners. After a fast but disciplined underwriting review, Haversine approved the participation, turning around the commitment and funding within just a few days.

The Challenge

The company’s sales grew sharply through 2024 and 2025 as more patients were treated and more qualified treatment centers came online. With invoice sizes often ranging from $2–$3MM per shipment, payment terms stretching 60–120 days, and manufacturing + distribution cycles that extended the cash-conversion timeline, the company quickly outgrew its initial funding level. The lead factor—who had already won a competitive mandate against larger institutions—wanted to continue supporting the borrower but needed to:

• Increase availability without increasing their own risk exposure
• Retain the relationship as the company scaled
• Respond quickly to the client’s escalating working-capital needs

To do so, the lead turned to Haversine for a $20MM participation.

Our Solution

Haversine approved a $20MM participation in the newly expanded $80MM facility, providing material capacity to both the client and the lead lender. The structure offered several advantages, including:

For the Lead Lender

• Retained the client relationship without over-concentrating their balance sheet
• Scaled the facility to match the client’s rapid growth
• Added a non-competitive capital partner, preserving economics and origination control
• Met the company’s funding timeline thanks to Haversine’s rapid review and approval

For the Company

• Accelerated commercialization of multiple therapies
• Bridged long cash-conversion cycles tied to production, distribution, and reimbursement
• Maintained production continuity during a critical growth period
• Expanded treatment access to more patients nationwide

The Win

This transaction represents the ideal outcome for all parties. The lead factor kept a premier client and expanded the facility without additional balance-sheet strain. The company gained the working capital needed to sustain rapid commercial growth. Haversine was able to once again partner with a lead factoring group in the industry and help them continue to add value to their clients—quickly.