We are pleased to have provided this financing, which will allow DeVilbiss Healthcare to grow their business.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that CIT Healthcare served as Sole Lead Arranger in a $15.5 million senior secured credit facility toDeVilbiss Healthcare, a medical device company and a portfolio company of Vestar Capital Partners, a leading private equity firm specializing in middle market growth capital investments.
The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed. Proceeds of the facility will be used for refinancing debt, for working capital and for new equipment purchases.
“This transaction highlights our expertise and experience in working with private equity firms to meet the financing needs of their middle market healthcare portfolio companies,” said Michael Coiley, Managing Director of CIT Healthcare. “We are pleased to have provided this financing, which will allow DeVilbiss Healthcare to grow their business.”
Ed Murphy, CEO of DeVilbiss Healthcare, commented, “CIT presented a tailored financing structure that met our goals and will allow us to continue to invest in manufacturing and product development. This deal positions us well for future growth and will help create 20 new jobs in Pennsylvania. We look forward to building on our relationship with CIT.
Chris Durbin, Managing Director at Vestar Capital Partners, said, “For more than two decades, we have worked with talented management teams to grow their businesses. This financing will allow DeVilbiss Healthcare to continue to grow as it develops products that meet the respiratory needs of patients in institutional and homecare settings throughout the world.”
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About DeVilbiss Healthcare, LLC
DeVilbiss Healthcare, LLC is a 129-year-old medical device company that designs, develops, manufactures and markets medical products that address the respiratory needs of patients in institutional and homecare settings. devilbisshealthcare.com
About Vestar Capital Partners
Vestar Capital Partners is a leading private equity firm specializing in management buyouts and growth capital investments. Vestar’s active funds aggregate approximately $8 billion in commitments. The firm targets companies in North America with valuations of $150 million to $1.5 billion in four key industry sectors: Consumer, Diversified Industries, Healthcare, and Financial Services. Vestar invests and collaborates with incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way to build long-term enterprise value. Since the firm’s founding in 1988, the Vestar funds have completed 69 investments in companies with a total value of more than $30 billion. vestarcapital.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, CIT Bank had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap or familial status. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market 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 global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com