Helping Healthcare Companies Grow
CIT: Behind the Deal Video Highlights How CIT Helped Encompass Home Health Grow Its Business
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 released "Helping Healthcare Companies Grow," (cit.com/encompass) an inside look at how CIT has utilized its advanced healthcare industry knowledge to finance the growth of Encompass Home Health, a Medicare-certified home health and hospice care agency. This video is the latest installment in the CIT: Behind the Deal (cit.com/behindthedeal) series of client case study testimonial videos that showcase how the lending, leasing and advisory expertise of CIT has helped its clients achieve success.
Encompass Home Health was founded in 1988 with just one location in Dallas, TX. As the company continued to expand with new locations and more employees, it realized that it was outgrowing its financing structure. It sought the help of Cressey & Company, a private investment firm focused exclusively on investing in and building leading healthcare businesses, and the healthcare capital market expertise of CIT Corporate Finance.
"As we spent more time with CIT, we found out they really know healthcare and they're really creative at structuring growth financing transactions," said Bryan Cressey, Partner at Cressey & Company. "Both of those are very, very hard to find and we found them in one place. [...] They will structure things in a way that other lenders won't do because they understand the bigger picture."
"In addition to our knowledge and relationships, we're people who do what we say we're going to do. All of these pieces work together seamlessly for us to be effective in meeting Encompass' needs," said Steve Warden, President, CIT Corporate Finance, Healthcare. "Since working with CIT, Encompass Health has grown fourfold. Today it has more than 120 home care and hospice branches across 12 U.S. states with revenues in excess of $300 million."
The video also highlights what this growth really means — that thousands of people across the country have access to quality healthcare that improves their lives. "You go out into patients' homes and you see how hopeless situations can suddenly turn hopeful as we return patients to their prior level of independence," said April Anthony, CEO of Encompass Home Health. "As our company grows and continues to meet the needs of the industry and the needs of patients we're going to need a financial partner that can help us. So we are hopeful and confident that CIT will be that partner for us for the long term."
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About Encompass Home Health
Encompass Home Health is a Medicare-certified home health and hospice care agency that offers a revolutionary approach that has established a better way to care. They have locations across Texas, Oklahoma, New Mexico, Colorado, Utah, Idaho and Oregon. Encompass is driven by their focus on superior patient care. This commitment to providing quality care, combined with an exceptional management team and sound financial partner means Encompass is equipped with the industry knowledge, growth skills and the financial support necessary to ensure they remain the leader in innovative home health services. ehhi.com
About Cressey & Company
Cressey & Company LP is a private investment firm focused exclusively on investing in and building leading healthcare businesses. With a history spanning over 25 years, the Cressey & Company team is one of the most experienced and successful in middle-market private equity. Based in Chicago, Illinois, and Nashville, Tennessee, the Firm focuses on investments in healthcare services, providers and facilities. These segments represent in excess of $1 trillion or over 10% of the United States' gross domestic product. cresseyco.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/CorporateFinance
Founded in 1908, CIT (NYS: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its 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 vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, 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
Matt Klein, 973-597-2020
Vice President, Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
KEYWORDS: United States North America New York
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