Scale Finance LLC announces the successful closing of $12 million in growth equity for Dormir LLC, the parent company of MD Sleep (www.md-sleep.com) and CardioSom (www.cardiosom.com). Scale Finance Managing Director, Dave Gilroy, provided exclusive advisory support end-to-end through this capital raise process. An initial $8 million equity financing was followed by $4 million in additional equity in July 2009.
Dormir LLC was formed in 2005 with the purpose of providing the highest quality of patient care to those suffering from Sleep Disorders through its subsidiaries of MD Sleep, LLC and CardioSom, LLC. MD Sleep develops and manages facility based sleep diagnostic centers nationally and is fast approaching industry leadership. CardioSom is a national Respiratory Equipment company with more than 30 locations across the country and an extremely strong presence in the Southeast. This equity financing was led by CHL Medical Partners out of Stamford and Noro-Moseley Partners based in Atlanta.
Tim Miller, CEO of Dormir, commented, "We needed equity capital to support our extremely fast growth. Scale Finance’s Dave Gilroy provided essential support in managing our growth capital raise during challenging times in the financial markets. Without Scale Finance, this would not have happened. On the basis of a bullet-proof balance sheet, we are now building out our unique model as a national leader in the sleep industry.”
Dave Gilroy commented, “Dormir is a company with a world-class management team, powerfully innovative operating model, and an extraordinary equity story. Getting this deal done, despite what many believe to be the toughest market conditions in the history of venture capital, confirms how strong the momentum and outlook is for the Company. Dormir is on a clear path to build a truly great healthcare company and create enormous value for investors, managers, employees, and customers.”
About Scale Finance
Scale Finance LLC (scalefinance.local) provides professional CFO services, Controller solutions, and support in raising capital, or executing M&A transactions, to growth companies. The firm specializes in costeffective financial reporting, budgeting and forecasting, implementing controls, other financial management, etc, and provides strategic help for companies raising growth capital or considering M&A/recapitalization opportunities. Most of the firm’s clients are fast-growing technology, healthcare, business services, consumer, and industrial companies that are at various stages of development from start-up to tens of millions in annual revenue. Scale Finance LLC has offices in Raleigh/Durham, Charlotte, and Winston-Salem, a team of more than 19 professionals, and serves more than 40 companies throughout the region.