Houlihan Lokey Advises DxTx

Houlihan Lokey is pleased to announce the successful placement of a $60.0 million senior debt financing for DxTx Pain & Spine LLC (DxTx) to fund a material add-on acquisition and provide substantial dry powder to support DxTx’s robust acquisition pipeline. The transaction closed in June 2023.

Founded in 2019, DxTx has emerged as a leading consolidator of high-quality clinics and ambulatory surgery centers specializing in precisely diagnosing and treating the source of chronic pain and spine conditions using interventional pain management modalities. The company operates 60+ locations in nine states across the Midwest and Florida and employs 60+ providers. DxTx has grown significantly since inception through thoughtful acquisition, de novo expansion, and improved same-store operations. The company operates a joint venture ownership model, wherein physician owners retain a meaningful stake or buy into their local group post-affiliation to maximize alignment with JV partners.

Houlihan Lokey’s Capital Markets Group served as the exclusive placement agent to DxTx, assisting the company in successfully arranging, structuring, and negotiating the financing. Houlihan Lokey was able to drive significant competitive tension among investors to achieve DxTx’s objectives, including securing a permanent capital structure with significant dry powder to support the company’s robust acquisition pipeline. This successful financing further highlights Houlihan Lokey’s ability to deliver favorable outcomes for clients to support acquisition financing transactions despite a complex capital market environment.

Houlihan Lokey’s Capital Markets Group is one of the largest providers of private capital solutions in the world. Over the past two years, the team raised approximately $25 billion in capital and advised on an additional $12 billion in capital over a total of 250+ transactions with more than 110 different financial sponsors.

Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2022, the group closed 37 transactions and was ranked by Refinitiv as the No. 1 advisor for U.S. and global healthcare M&A transactions under $1 billion.*

*Excludes accounting firms and brokers.