Pacific Mercantile Bank Provides $10 Million in Financing to Great Elm DME, Inc. to Fund the Acquisitions of Valley Healthcare Group and Northwest Medical
Pacific Mercantile Bancorp (PMBC)
Last pacific mercantile bancorp earnings: 4/30 04:30 pm
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Source: GlobeNewswire
COSTA MESA, Calif., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ: PMBC), today announced that it has provided a $10 million revolving line of credit to Great Elm DME, Inc. and its subsidiaries to partially fund the acquisitions of Valley Healthcare Group (“VHG”) and Northwest Medical (“NWM”), creating a leading regional provider of sleep and respiratory-focused durable medical equipment and services serving approximately 70,000 patients annually. Great Elm DME, Inc. is a majority owned, indirect subsidiary of Great Elm Capital Group, Inc. (NASDAQ: GEC, “Great Elm”). On a combined basis, VHG and NWM will be leaders in the distribution of positive air pressure (CPAP / BiPAP) machines and supplies, sleep studies, ventilators and oxygen equipment for patients with sleep and respiratory conditions, such as obstructive sleep apnea, in Arizona, Nebraska, Washington, Oregon and Alaska. The combine
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