CIT Serves as Sole Lead Arranger in Epic Health Services' Acquisition Financing
CIT Serves as Sole Lead Arranger in Epic Health Services' Acquisition Financing
NEW YORK--(BUSINESS WIRE)-- CIT Group Inc. (NYS: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it arranged and syndicated $90 million in senior secured credit facilities to support Epic Health Services' acquisitions of Santé Pediatric Services and AmeriCare. Epic Health Services is a portfolio company of Webster Capital, a small-cap, control-oriented middle market private equity firm.
CIT Healthcare served as Sole Lead Arranger, Bookrunner and Administrative Agent for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT.
"We are delighted to partner with Epic Health Services and Webster Capital in their continued growth," said Steve Warden, President of CIT Healthcare. "This transaction further underscores our ability to successfully support the growth capital needs of our clients, as well as our continued commitment to providing financing and advisory solutions for middle market healthcare companies."
John Garbarino, President and CEO of Epic Health Services, said, "CIT's understanding of the services we offer resulted in dependability and added flexibility to our financing. We expect to grow our relationship with CIT Healthcare as we continue to expand our market-leading services to medically fragile children and adults in their homes."
David Malm, Senior Partner and head of Webster Capital's Healthcare practice, said, "With a substantial balance sheet and a proven ability to deliver promised results with certainty under a tight timeline, CIT Healthcare was the natural partner for us on this transaction."
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About Epic Health Services
Based in Dallas, Texas and founded in 2001, Epic Health Services is a leading provider of pediatric home health and therapy services as well as geriatric in-home services. In conjunction with its Freedom Home Healthcare segment, the Company provides services to over 6,000 clients across five states. As the largest pediatric home health agency in Texas, Epic meets the private duty nursing and therapy needs of medically-fragile and chronically ill children. epichealthservices.com
About Webster Capital
Founded in 2003 and based in Waltham, MA, Webster Capital is a small-cap, control-oriented middle market private equity firm that seeks to invest in niche market leaders with a track record of organic growth and a proven business model. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. Webster invests in branded consumer, business to business, and healthcare services companies out of its second fund with over $200MM in committed capital. webstercapital.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is a wholly-owned subsidiary of CIT Group Inc. (NYS: CIT) . It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, CIT Bank had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap or familial status. BankOnCIT.com
About CIT
Founded in 1908, CIT (NYS: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital as well as advisory services to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
CIT Media Relations:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT Investor Relations:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com
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