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    CIT Serves as Sole Lead Arranger in $110 Million Financing for Epic Health Services
    Represents Second Transaction Arranged By CIT Healthcare in Less Than a Year
    Tuesday, November 19, 2013 08:30 AM
    We are pleased to build upon our established relationship and arrange this financing, which further underscores our ability to put our deep industry knowledge to work for our middle market healthcare clients.

    NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced CIT Corporate Finance served as Sole Lead Arranger in a $110 million senior secured facility for Epic Health Services, a leading provider of pediatric home health and therapy services as well as adult in-home services. Epic Health Services is a portfolio company of Webster Capital, a middle market private equity firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

    This is CIT’s second transaction with Epic Health Services and Webster Capital. In December 2012, CIT Corporate Finance, Healthcare served as Sole Lead Arranger, Bookrunner and Administrative Agent in a $90 million senior secured financing to support Epic Health Services’ acquisition of Santé Pediatric Services and AmeriCare.

    “Epic Health Services has had a strong track record and solid growth in recent years,” said Steve Warden, President of CIT Corporate Finance, Healthcare. “We are pleased to build upon our established relationship and arrange this financing, which further underscores our ability to put our deep industry knowledge to work for our middle market healthcare clients.”

    John Garbarino, President and CEO of Epic Health Services, said, “Our company has experienced significant growth over the last few years as we’ve expanded our pediatric and adult homecare services in Delaware, Massachusetts, New Jersey, Pennsylvania and Texas. CIT Healthcare understands our business and has been a key partner in supporting our growth strategy and we look forward to continuing our relationship.”

    David Malm, Senior Partner and head of Webster Capital’s Healthcare practice, said, “CIT’s experience and expertise in working with middle market private equity firms and their portfolio companies is unparalleled in the industry. Their ability to provide innovative financing solutions and services is why we value and nurture this long-term relationship.”

    EDITOR’S NOTE:

    View CIT’s corporate overview video (cit.com/corporatevideo), that showcases our support of the small business, middle market and transportation sectors. Follow us on TwitterLinkedInYouTube and Facebook. Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.

    About Epic Health Services

    Based in Dallas, Texas and founded in 2001, Epic Health Services is a leading provider of pediatric home health and therapy services as well as geriatric in-home services. In conjunction with its Freedom Home Healthcare segment, the Company provides services to over 6,000 clients across five states. As the largest pediatric home health agency in Texas, Epic meets the private duty nursing and therapy needs of medically-fragile and chronically ill children.epichealthservices.com

    About Webster Capital

    Founded in 2003 and based in Waltham, MA, Webster Capital is a small-cap, control-oriented middle market private equity firm that seeks to invest in niche market leaders with a track record of organic growth and a proven business model. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. Webster invests in branded consumer, business to business, and healthcare services companies out of its second fund with over $200MM in committed capital. webstercapital.com

    About CIT Corporate Finance

    CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance

    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. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of September 30, 2013, it had approximately $12 billion of deposits and nearly $15 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 lendingfactoringretail financeaerospaceequipmentand rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

     

    Contact:

    CIT MEDIA RELATIONS:
    C. Curtis Ritter, 973-740-5390
    Director of Corporate Communications
    Curt.Ritter@cit.com
    or
    Matt Klein, 973-597-2020
    Vice President, Media Relations
    Matt.Klein@cit.com
    or
    CIT INVESTOR RELATIONS:
    Ken Brause, 212-771-9650
    Executive Vice President
    Ken.Brause@cit.com

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