Principal Global Investors^®, through its direct lending business, Principal Alternative Credit, announced today it served as sole lead arranger and administrative agent on senior secured credit facilities for Versant Diagnostics, an Iron Path Capital portfolio company, in partnership with Alliance Pathology Consultants.

The financing supports Versant Diagnostics emergence as one of the largest, independent, physician-led pathology groups in the Midwest region.

“We are pleased to support Iron Path Capital and Versant as they continue to successfully execute their acquisition strategy,” said Doug Koch, managing director for sponsor originations with Principal. “We look forward to the continued growth and expertise that Versant’s talented management team and physician partners will contribute to this newly formed brand.”

“Principal delivered by committing to the entire facility in support of Versant,” said Rob Reistetter, co-founder of Iron Path Capital. “Their knowledge in the healthcare sector allowed them to move quickly to provide the optimal financing solution for the transaction, demonstrating their flexibility and ability to execute.”

Principal Alternative Credit invests in privately negotiated debt transactions with both sponsor-backed and non-sponsored middle market companies throughout North America that typically have $5 million or more in EBITDA. The direct lending team targets transactions of $25 million to $200 million, with typical hold sizes of $10 million to $50 million.

About Principal Global Investors^®

Principal Global Investors^® leads global asset management at Principal^®. As a multi-investment team firm, we bring a focused perspective and offer expertise across a host of asset classes.

At our core, we are driven by our purpose to help investors and businesses achieve their financial goals. Our global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.

Principal Global Investors manages approximately $577.4 billion in assets on behalf of over 800 institutional clients located in over 80 markets as well as retirement plans and individual clients, reflecting our worldwide market reach and experience and our commitment to high-quality research and service (as of September 30, 2021). To find out more, visit us at principalglobal.com.

About Versant Diagnostics

Founded in 2021 by leading physicians and operating executives Ven Aduana, M.D., Jim Billington and Brian Carr, Versant Diagnostics is a premier physician services company focused on anatomic pathology, precision medicine, and the digital transformation of the industry. Its areas of focus include urology, dermatology, women’s health, gastroenterology and hematology. Versant is based in Chicago, IL, with a view to consolidate the largest independent pathology platform in the nation. Learn more at www.versantdx.com.

About Iron Path Capital

Founded in 2021 by seasoned investors and operating executives Rob Reistetter and Scott Mraz, Iron Path Capital is a private equity firm that specializes in building great businesses in the healthcare and specialty industrials sectors. With offices in Nashville, TN, and Charlottesville, VA, Iron Path Capital supports management teams with strategic leadership, operational expertise and flexible capital to achieve visionary growth plans through defined, defensible execution. Learn more at www.ironpathcapital.com.

The recent transaction profiled above are intended to demonstrate the application of Principal Alternative Credit investment strategy and represents middle marketing lending transactions previously entered by Principal Alternative Credit. There is no guarantee that any future transactions entered will have the characteristics like the deals profiled above.

© 2021 Principal Financial Services, Inc. Principal^®, Principal Financial Group^®, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and services marks of Principal Financial Services, Inc., in various countries around the world.

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