CIT Serves as Sole Lead Arranger in $210 Million Acquisition Financing for Epic Health Services
March 02 2015 - 8:30AM
Business Wire
- Financing Provided By CIT Bank Allows
For Acquisition Of Loving Care Agency
- Creates One Of The Nation’s Largest
Skilled Pediatric-Focused Home Health Entities In The U.S.
- Epic Health Services Is An Existing
Customer Of CIT And A Portfolio Company Of Webster Capital
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Corporate Finance, Healthcare served as Sole Lead Arranger, Sole
Bookrunner and Administrative Agent in a $210 million senior
secured credit facility to support Epic Heath Services’ (Epic)
acquisition of Loving Care Agency (LCA). Epic is a portfolio
company of Webster Capital. Financing was provided by CIT Bank, the
U.S. commercial bank subsidiary of CIT.
This is the third transaction that CIT has led for Epic and
Webster Capital. In November 2013, CIT served as Sole Lead Arranger
in a $110 million senior secured facility, and in December
2012, CIT served as Sole Lead Arranger, Bookrunner and
Administrative Agent in a $90 million senior secured financing
to support Epic’s acquisition of Santé Pediatric Services and
AmeriCare.
Based in Dallas, Texas, Epic is a leading provider of pediatric
home health and therapy services as well as behavioral/mental and
adult in-home services. The acquisition of New Jersey-based LCA
will create a leading pediatric health care company serving
patients in 10 states: Arizona, Colorado, Delaware, Illinois,
Indiana, Massachusetts, Missouri, New Jersey, Pennsylvania and
Texas.
“We’re thrilled with the acquisition of LCA, one of the nation’s
largest independent skilled pediatric home nursing providers,” said
Chris Roussos, President and CEO of Epic Health Services. “Through
this transaction, we’ve added four more states to our geographic
footprint and further strengthened our market position in the
Northeast, primarily in Massachusetts, New Jersey and
Pennsylvania.”
William Douglass, Group Head and Managing Director of CIT
Corporate Finance, Healthcare, said, “We’re pleased to lead the
financing for this transaction which solidifies Epic’s leadership
position in the pediatric market. CIT’s partnership with Epic now
encompasses multiple transactions across several years. We’ve
enjoyed playing an integral role in the company’s growth.”
Will Duke, Managing Director of CIT Corporate Finance,
Healthcare, added, “Epic has a demonstrated track record of strong
organic growth complemented by successful integration of strategic
acquisitions. With the backing of Webster Capital, a proven
healthcare sponsor with a track record of successful investments,
Epic has significant scale to provide cost-effective and accessible
treatment in the pediatric home healthcare market.”
David Malm, Co-Managing Partner of Webster Capital, said, “We
asked CIT to lead this financing as a result of their strong
commitment and support throughout Epic’s history. The sector
knowledge of CIT’s healthcare team, combined with the market
knowledge and execution capabilities of its Capital Markets team,
make CIT a great partner for our company.”
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About Epic Health Services
Epic Health Services provides pediatric home healthcare
throughout Texas. Epic’s services are designed to provide a high
quality, lower cost alternative to prolonged hospitalization for
medically fragile and chronically ill children from birth through
age 21. Their pediatric nursing services consist primarily of
private duty home nursing care for pediatric patients with
illnesses and conditions such as digestive and absorptive diseases,
congenital heart defects and other cardiovascular disorders,
cancer, cerebral palsy, obstructive and restrictive pulmonary
disease, orthopedic conditions and post-surgical needs.
epichealthservices.com
About Webster Capital
Webster Capital provides equity financing, expertise and a broad
contact network for management buyouts and growth capital. Webster
Capital is a preferred partner for well-managed smaller companies
with unrealized growth potential. The Webster Team works closely
with ownership and management to effect a smooth transition and to
achieve growth while maintaining company values and culture.
webstercapital.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE:
CIT). It provides lending and leasing to the small business, middle
market and transportation sectors. CIT Bank (BankOnCIT.com) offers
a variety of savings options designed to help customers achieve
their financial goals. As of December 31, 2014, it had
approximately $16 billion of deposits and more than $21 billion of
assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in middle market lending, factoring, retail
and equipment finance, as well as aerospace, equipment and rail
leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC),
BankOnCIT.com, offers a variety of savings options designed to help
customers achieve their financial goals. cit.com
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740 -5058Senior Vice
PresidentBarbara.Callahan@cit.com
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