If the bond sale happens, Inperium would use some of the money to refinance debt and pay expenses related to RHD deal.
Inperium Inc. has taken control of Philadelphia health and human services nonprofit Resources for Human Development even before its acquisition of the nonprofit is completed. Shown here is part of RHD's headquarters in Philadelphia.of Philadelphia’s Resources for Human Development, a prominent health and human services nonprofit that was on the ropes financially this year and needed a rescue.
Inperium’s chief of staff Jennifer Gassen did not respond to an email last week asking if the AG had issued the letters, which were expected by Dec. 1. An AG spokesperson declined to comment on whether the office had granted the letters from units that oversee charitable organizations and competition.Inperium and RHD provide similar services in fields like treatment for mental health and substance use disorders, and support for people with intellectual and developmental disabilities.
RHD turned up on his radar in April 2023. Less than a year later, in February, Smith sent an offer letter to RHD’s board. That month the organization long respected for its services for people with intellectual disabilities and mental illness was reeling from larger-than expected losses for fiscal 2024.$25 million line of credit growing impatient, RHD was on the verge of bankruptcy. That’s when the RHD board agreed to the Inperium acquisition.
The establishment of a price for RHD doesn’t mean Inperium will turn over that amount of cash. As is customary in deals involving nonprofits, Inperium will simply assume control. If the bond sale succeeds, much of the money raised would contribute to a projected $150 million increase in Inperium’s cash holdings.
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