arrow Back to News

Stellus Capital Management, LLC Provides Unitranche Financing in Support of Cathay Capital’s Strategic Investment in

Feb 01, 2022

Houston – TX, February 1, 2022 – Stellus Capital Management, LLC (“Stellus”) announced today that its affiliates acted as administrative agent and provided senior debt financing and an equity co-investment in support of Cathay Capital’s (“Cathay”) investment in (the “Company”), the leading online provider of CPAP equipment and accessories.

Founded in 1999 and based in Houston, Texas, serves the $3.7 billion market for obstructive Sleep Apnea (“OSA”) equipment. offers machines, supplies and accessories via its DTC e-commerce website to patients suffering from OSA. The Company’s product offering includes Positive Airway Pressure (“PAP”) machines and accessories, which help prevent airway collapse in OSA patients while they sleep. For over 20 years, the Company has been at the forefront of digital innovation in the delivery of PAP products, leveraging its user-friendly platform and superior customer experience to establish itself as the top player in the cash-pay market for the distribution of OSA treatment equipment, which is expected to grow annually at a double digit compounded rate through 2028 in the U.S. and globally.

“Stellus has been a thoughtful, solutions-oriented partner in our strategic investment into, providing the flexibility to get the transaction done effectively and efficiently,” said Andre Puong, Partner at Cathay Capital. “CPAP is well-positioned to continue to build on its leadership position in the growing market for Sleep Apnea solutions. We look forward to working with Stellus and’s team to build on the Company’s success.”

Adam Pollock, Managing Director at Stellus, added, “We are grateful for the opportunity to partner with Cathay and the team. We believe that is a unique platform that is well positioned to benefit from increased awareness of obstructive Sleep Apnea and further drive a mission of being the place for all things Sleep Apnea. We look forward to supporting the Company as it enters its next phase of growth.”

For inquiries related to this Press Release, please contact:

Adam Pollock
(713) 292-5407