MidOcean Partners Closes Credit Investment in The Carpenter Health Network
MidOcean's investment in Carpenter is emblematic of its bespoke capital solutions for middle market companies. Carpenter is a market leader within an attractive sector of the healthcare space that has strong secular growth characteristics. The Company operates in a segment in which MidOcean has deep expertise and dedicated coverage.
Founded in 2002, Carpenter has provided hospice, home health, and restorative services to communities across Louisiana and neighboring states for over two decades. The Company's leading brands include St. Joseph Hospice, STAT Home Health, AIM Palliative, SAGE Rehabilitation Hospital and Outpatient Services, Homedica House Calls, Phoenix Pharmacy and others in post-acute care.
'Since 2002, Carpenter Health Network has delivered compassionate, high-quality care to the communities it serves,' said Robert Sullivan, Managing Director and Co-Head of Opportunistic Credit at MidOcean. 'We are proud to support Carpenter in this important transaction, as the Company continues to expand its mission-driven services and deepen its impact to patients across the healthcare landscape.'
Patrick Mitchell, Carpenter's Chief Executive Officer, added, 'We are thrilled to partner with MidOcean on this important transaction. Their investment and structuring expertise will play an integral role in Carpenter's continued growth and underscores their confidence in our mission and long-term growth objectives. This partnership not only strengthens our financial foundation but also empowers our employees—our most valuable asset. '
Gibson Dunn & Crutcher LLP acted as legal advisor to the lenders. CSG Partners acted as financial advisor to the Company, while Hunton Andrews Kurth LLP acted as legal advisor.
About Carpenter Health Network
Originally founded in 2002 as St. Joseph Hospice, The Carpenter Health Network has grown into a multi-state healthcare company with service areas in Louisiana, Texas, Arkansas, Mississippi, Alabama and Florida. Our mission is to joyfully provide optimal patient care seamlessly across service lines to ensure spiritual, emotional and physical healing wherever possible while always respecting life, fostering dignity and preserving quality of life.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity, alternative credit, and structured equity. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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And let's not forget tariffs, which, while likely to be less than feared in April, still represent a massive tax hike. That economic backdrop is problematic for stocks, especially following their big move higher. "The level of delusion (that tariffs will have no inflationary impact) is now beyond the pale. It simply seems the administration is following the Roy Cohen strategy on inflation and tariffs — in that if you repeat 'The Big Lie' enough (that tariffs aren't raising prices), people will come to believe it," opined Kass. Stock market valuation could create a headwind for stocks So far, markets have ignored the inflationary threat, assuming trade deals will soften the blow and corporations can make up any margin hit either by benefiting from a weaker US Dollar on currency conversion or by cutting costs. Indeed, those betting the U.S. economy will sidestep the worst-case scenario — slow growth with inflation or even recession — have profited valuations on many stocks have surged, and as a result, the S&P 500's forward one-year price to earnings ratio is 22.4, according to FactSet. A P/E ratio that high has historically depressed forward stock market returns. Absent a significant uptick in earnings estimates, now largely expected, stocks could take a breather. "My recent complete sales of numerous longs (in housing, financials, private equity and selected technology) have resulted in an expanded cash war chest, which I want in the time ahead," noted Kass on July 23. "I see about 5x more risk than reward, and I see no "margin of safety." Of course, stocks can go higher and lower than many believe possible, which is why, as John Maynard Keynes said, "The market can remain irrational longer than you can remain solvent." Sitting in cash hasn't been a winning strategy lately, something Kass concedes. "I am often wrong and always in doubt," wrote Kass. Nevertheless, he says, "The fact is, though many in the business media say the opposite, earnings estimates are dropping and not increasing — as equities climb." If so, having some cash to take advantage of any weakness may pan out fund manager points to glaring problem with stocks after rally first appeared on TheStreet on Jul 26, 2025 This story was originally reported by TheStreet on Jul 26, 2025, where it first appeared.
