Ashurst advises Barings on financing growth course of Quadriga portfolio company United Therapy

Ashurst advised investment manager Barings on financing United Therapy Holding (United Therapy), a portfolio company of Quadriga Capital Funds (Quadriga). The parties have agreed not to disclose the terms and conditions of the financing.

Barings acted as the sole lender, providing senior facilities to facilitate United Therapy’s dynamic growth course. The financing also includes a tailored ESG/Impact margin ratchet, which is implemented in accordance with Quadriga’s impact principles. Quadriga is the majority shareholder in the newly formed United Therapy Group, one of the leading providers in the German physiotherapy market. Across more than 50 locations, the group combines analogue physiotherapy with digital telemedicine services and aims to create an innovative ecosystem for interconnected and holistic care solutions. Quadriga supports the growth of the group with its know-how in the transformation of healthcare companies.

Barings is a global real estate investment manager with more than $391bn of assets under management and maintains a strong presence across North America, Europe and Asia Pacific. Ashurst regularly advises Barings.

The Ashurst team was led by partner Anne Grewlich and counsel Dr Philipp Vorbeck. They were assisted by associates Isabelle Renninger-Dupont and Yasaman Zargar as well as transaction lawyer Ouafaa Elouariachi. Advice on corporate law was provided by counsel Martina Rothe. Senior associate Dr Susanne Knoch advised on tax law aspects.