CIT Serves as Sole Lead Arranger in $26.5 Million Acquisition Financing for Webster Capital
September 15 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank N.A.
Allows for the Recapitalization of PharmaLogic and the Acquisition
of Clinical Pharmacy Services (CPS) and Affiliates
- CPS Provides Nuclear Medicine Imaging
Products and Services to Outpatient Diagnostic Imaging Centers and
Hospitals
- PharmaLogic Is a Portfolio Company of
Webster Capital and MedEquity Capital
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Healthcare Finance served as Sole Lead Arranger and Administrative
Agent in a $26.5 million senior secured credit facility to support
the recapitalization of PharmaLogic and the acquisition of Clinical
Pharmacy Services (CPS) by Webster Capital. PharmaLogic is a
nuclear pharmacy company with 12 locations in the Northeast and
Western United States. Financing was provided by CIT Bank N.A., the
principal bank subsidiary of CIT.
“We’re pleased to have secured this financing from CIT
Healthcare Finance which allows us to expand our market footprint
to 13 states with CPS complementing our service offering through
the addition of mobile PET/CT imaging and PET isotope production
capabilities,” said Steven Chilinski, President and Chief Executive
Officer of PharmaLogic.
David Malm, Co-Managing Partner of Webster Capital, said, “We’re
excited to partner with the management team at PharmaLogic and
CPS’s principals to further strengthen the businesses’ position in
our targeted markets. We would also like to commend the CIT Capital
Markets team for their diligent efforts to bring together this
financing for Webster Capital.”
William Douglass, Group Head and Managing Director of CIT
Healthcare Finance, said, “Webster Capital has a strong reputation
for successful healthcare investments and combination of
PharmaLogic and CPS is evidence of this track record. We are
pleased to have arranged this financing and to put our healthcare
knowledge and experience to work for these two companies.”
Will Duke, Managing Director of CIT Healthcare Finance, added,
“This transaction provides PharmaLogic and CPS with expanded market
presence and highly complementary lines of business. We look
forward to working with this team and helping them pursue their
growth strategy.”
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About PharmaLogic
PharmaLogic is a group of radiopharmacies located in the
Northeast and Western United States. In addition to unit dose
services traditionally provided by nuclear pharmacies, PharmaLogic
offers a unique suite of solutions addressing the dynamic
challenges facing the nuclear imaging market in the future.
pharmalogic.info
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 MedEquity Capital
MedEquity Capital is a private equity firm that invests in small
and lower middle market healthcare businesses. We target smaller
companies with strong cash flow and work with each management team
to harness untapped organic and acquisitive growth potential.
medequity.com
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:C. Curtis RitterSenior Vice President
of Corporate Communications973-740-5390Curt.Ritter@cit.comorMatt
KleinVice President, Media
Relations973-597-2020Matt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara CallahanSenior Vice
President973-740-5058Barbara.Callahan@cit.com
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