CIT Serves as Lead Arranger and Administrative Agent for $242 Million Financing for Jordan Health Services
September 15 2016 - 8:30AM
Business Wire
- Based in Dallas, TX, Jordan Health
Services Is One of the Nation’s Largest Providers of Home
Healthcare and Hospice Services
- Jordan Is a Portfolio Company of
Palladium Equity Partners, LLC, a Private Equity Firm that
Specializes in Middle-Market Companies
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Healthcare Finance served as Lead Arranger and Administrative Agent
for a $242 million senior secured credit facility to Jordan Health
Services, one of the largest providers of home healthcare and
hospice services in Texas and Oklahoma, with a growing presence in
Arkansas and Louisiana. Jordan is a portfolio company of affiliates
of Palladium Equity Partners, LLC (“Palladium”), a private equity
firm that specializes in investing in middle-market companies. The
financing will support the refinancing of Jordan’s existing debt
and provide incremental capital to support Jordan’s growth
objectives. Financing was provided by CIT Bank, N.A., the principal
bank subsidiary of CIT. Terms of the transaction were not
disclosed.
CIT has had a long-standing relationship with Jordan, having
assisted Jordan in expanding its geographic and service footprint
by helping to finance numerous transactions since 2007. This latest
transaction provides substantial flexibility for Jordan to continue
its pursuit of growth through acquisitions and the build-out of its
service offering in its target markets.
Scott Herman, Chief Executive Officer, Jordan Health Services,
said, “This financing will help consolidate our financial position
as well as add flexibility for future acquisitions as we grow our
footprint and patient populations. The delivery of high-caliber
patient care in the post-acute health services market is a core
value that we hold in very high regard. CIT has been a long-term
partner and holds extensive knowledge of our business and this
industry. We are very pleased to continue working with them as we
progressively build our post-acute continuum, focused on delivering
care to America’s most vulnerable and costly population of
patients.”
Daniel Ilundain, a Principal of Palladium, said, “Jordan’s
leadership has advanced a growth strategy encompassing both organic
growth and acquisitions. Since 2010, Jordan has expanded from 28
locations in Texas to about 90 locations in four states serving
more than 28,000 patients a day. With a diversified service
offering, Jordan is well-positioned as a leading consolidator
within the home care industry, having completed over 20
acquisitions since 2010. CIT’s financial support and expertise has
been instrumental to Jordan’s growth over the years, and we
appreciate their continued collaboration.”
William Douglass, Group Head and Managing Director, CIT
Healthcare Finance, said, “As the U.S. population continues to age,
demand for the services offered by Jordan is expected to grow.
Jordan has a strong reputation driven by their quality service,
continuum of care programs and utilization of technology-enhanced
clinical tools. Palladium has provided Jordan important financial
and strategic support as they pursue these opportunities.”
Will Duke, Managing Director, CIT Healthcare Finance, said, “We
have enjoyed working with the Jordan and Palladium teams on this
transaction and look forward to supporting them further as they
pursue Jordan’s strategic growth objectives.”
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About Jordan Health Services
Founded in 1975 and based in Dallas, TX, Jordan Health Services
is one of the nation’s largest home care providers. With its unique
blend of services including personal care, case management, skilled
nursing, therapy, and hospice services, Jordan’s team of over
17,000 highly skilled and dedicated professionals provide care to
more than 28,000 adult and pediatric patients daily. jhsi.com
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with
approximately $2.0 billion in assets under management. The firm
seeks to acquire and grow companies in partnership with founders
and experienced management teams by providing capital, strategic
guidance and operational oversight. Since its founding in 1997,
Palladium has invested over $1.5 billion of capital in more than 25
platform investments and over 50 add-on acquisitions. The firm
focuses primarily on buyout equity investments in the range of $50
million to $150 million. The principals of the firm have
significant experience in financial services, business services,
food, healthcare, industrial and media businesses, with a special
focus on companies they believe will benefit from the growth in the
U.S. Hispanic population. Palladium is based in New York City.
www.palladiumequity.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 a wide variety of
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:Matt KleinDirector, Media
Relations(973) 597-2020Matt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara CallahanSenior Vice President(973)
740-5058Barbara.Callahan@cit.comorFor
media inquiries related to Palladium or Jordan:Todd
Fogarty or Peter HillKekst and Company(212)
521-4800todd-fogarty@kekst.com or peter-hill@kekst.com
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