Encore Enterprises Raises $72 Million USD in Global Funding
08 Julio 2024 - 7:02AM
Business Wire
Encore Opportunities, Ltd. public bond
issuance on TASE now totals NIS 455 million raised to-date
Encore Enterprises, Inc. (Encore) today announced it raised an
oversubscribed $72 million within 60 days on the Tel Aviv Stock
Exchange (TASE) on issued debentures worth NIS 265 million backed
by Encore Enterprises subsidiaries. To date, Encore has raised NIS
455 million through Encore Opportunities, Ltd. (EOL) which
currently comprises 50 holdings, including dental practices and
free-standing emergency rooms that were contributed in the form of
corporate bonds. The funds raised will be used to pay off existing
loans totaling about $63 million, and any remaining funds will be
utilized to acquire new dental practices and run the current
operations. With the existing loans paid down, the bonds will be
considered the senior lender.
Introduced in January 2022, EOL was established to collateralize
Encore’s operating companies to grow ownership stake while
providing consistent cash flow to investors. It is one of the first
U.S. operating companies offered on the TASE and has remained
oversubscribed. EOL follows the success of Encore Properties, Ltd.
(EPL), also offered on the TASE, which was established in 2017 to
collateralize debt from Encore’s real estate holdings and today
stands at NIS 918 million in total funds raised.
“Collateralizing our operating companies through Encore
Opportunities, Ltd. provides us with the necessary cashflow to grow
the portfolio and enables us to have longer holds while also
satisfying the needs of investors,” said Bharat Sangani, M.D.,
Encore Enterprises chairman and CEO. “Long-term holds also
safeguard against market contractions as we’ve witnessed with our
successful real estate-backed bonds.”
Encore’s dental subsidiary aims to improve the business of
dentistry and access to dentistry by providing the highest value
non-clinical dental services to dental practices nationally, with
management services that let dentists focus on being the best
clinician, maximizing their wealth creation for retirement. It
currently operates 37 practices across 13 states, with affiliate
practices showing an average of 52% growth in EBIDA after the first
year of affiliation. Management services include operations
management; revenue cycle management; clinical support;
procurement; human resources management; accounting and finance;
sales and marketing; legal, regulatory and risk management; and IT
and systems support.
About Encore Enterprises, Inc.
Founded in 1999, Encore Enterprises, Inc. (Encore) is a
vertically integrated, diversified investment firm based in Dallas.
Since inception, Encore has completed over 150 commercial real
estate transactions valued at $3.7 billion, with $1.8 billion
current AUM across 32 states. Focusing on opportunistic and
value-add strategies in non-gateway markets throughout the U.S.,
Encore develops, acquires and manages mixed-use retail centers,
multifamily apartment developments, limited and full-service
hotels, commercial office buildings and Veterans’ administration
medical office centers. Encore also acquires operating companies in
the medical, dental and restaurant industries as part of its
sustainable investment model. Encore boasts one of the best 25-year
track records in the industry, underscoring the firm’s focus on
operational stability, prioritization of capital preservation and
strength across market cycles. Encore investment offerings are
available through Ignite Investments, a wholly owned subsidiary and
the exclusive investor relations platform for Encore Enterprises.
To learn more, visit https://encore.bz.
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Amy Dunaway media@encore.bz 214.259.2400