Omnia Partners has benefitted from inflation, and it’s riding that wave straight into the capital markets with a new loan deal to back an acquisition and refinancing.

As a group purchasing organization (GPO), the company collects small sums on total transaction volumes. The higher the cost of those transactions, the more it collects.

And given strong recent performance along a general dearth of new issuance supply, the company is catching buysiders’ attention.

“You haven’t had a lot of new issuance for a while, and all the issuance you had before was really tight B3/B- with weak docs, and questionable long term business models, and then you get this 5.5x levered thing that comes through that’s performing really well,” said a portfolio manager.