CIT Serves as Sole Lead Arranger in $47 Million Add-On Acquisition Financing for Epic Health Services
October 06 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank N.A.
Supports Acquisition of Option1 and Complements Recently Completed
$210 Million Senior Credit Facility
- Option1 Is the Largest Independent
Provider of Enteral Nutrition Therapy Products and Services in the
U.S.
- Acquisition Complements Epic’s Focus on
Pediatric Home Healthcare and Expands Geographic Footprint
- Epic Health Services Is 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
Healthcare Finance served as Sole Lead Arranger, Sole Bookrunner
and Administrative Agent in a $47 million incremental senior
secured credit facility to support Epic Health Services’
acquisition of Option1. Epic is a portfolio company of Webster
Capital. Financing was provided by CIT Bank N.A., the principal
bank subsidiary of CIT. Terms of the transaction were not
disclosed.
This is the fourth transaction that CIT has led for Epic Health
Services (Epic) and complements the $210 million senior secured
credit facility provided by CIT in support of Epic’s acquisition of
Loving Care Agency in March 2015.
“Option1’s primarily pediatric patient base is highly
complementary to Epic’s core business. The acquisition strengthens
our presence in three states and adds three new states to our
geographic footprint, creating a pediatric home healthcare business
with national scale and significant market density,” said Chris
Roussos, Chief Executive Officer, Epic Health Services. “We
appreciate having the partnership with CIT in pursuit of our growth
objectives. Together, Option1 and Epic will serve approximately
26,000 patients across 15 states.”
William Douglass, Group Head and Managing Director, CIT
Healthcare Finance, said, “CIT and Epic have built a strong
relationship during the years we have been working together. Epic
has been very thoughtful in their growth strategy, and we look
forward to working with them as they continue to build the
business.”
Will Duke, Managing Director, CIT Healthcare Finance, said,
“Option1 is a premier enteral therapy platform with an impressive
track record of growth, extensive referral network and outstanding
reputation for quality of care. The acquisition of Option1 strongly
complements Epic’s current lines of business and positions the
Company for continued penetration of new markets in the
future.”
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. Headquartered in Phoenix, Arizona, Option1
is the largest independent provider of enteral nutrition therapy
products and services in the U.S., serving over 6,000 clients
across six states. Enteral nutrition therapy is the administration
of nutrients directly into the gastrointestinal tract through a
feeding tube.
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About Epic Health Services
Epic Health Services provides pediatric home healthcare. 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
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 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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