Genova brings a highly differentiated offering to the clinical lab market that taps into the growing market of treating individuals with chronic conditions
NEW YORK & LOS ANGELES--(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 that it arranged a $110 million senior secured credit facility for Levine Leichtman Capital Partners’ acquisition of Genova Diagnostics, a specialty clinical laboratory that has pioneered a unique systems-based approach to testing that supports the personalized treatment and prevention of chronic disease. Levine Leichtman Capital Partners is a leading private equity firm which makes structured investments in middle market companies.
CIT Corporate Finance served as Joint Lead Arranger, Joint Bookrunner and Syndication Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This financing provided CIT an opportunity to demonstrate our commitment to providing comprehensive financial solutions to private equity firms as they complete acquisitions,” said Eric Toizer, Managing Director of CIT Sponsor Finance. “As our second deal in as many years, we’re pleased to expand our relationship with Levine Leichtman Capital Partners.”
“Genova brings a highly differentiated offering to the clinical lab market that taps into the growing market of treating individuals with chronic conditions,” said Myles Kassin, Director in CIT Corporate Finance, Healthcare. “We look forward to supporting the continued growth of the business."
Lauren Leichtman, CEO and co-founder of Levine Leichtman, said, “Genova is the second investment in Levine Leichtman Capital Partners V, L.P., a $1.6 billion fund. Our growing relationship with CIT facilitated the efficient closing of this transaction, as the company’s depth of experience in the middle market, as well as its familiarity with our firm’s strategic approach to investments, combined to make CIT a logical partner.”
View CIT’s corporate overview video (cit.com/corporatevideo), which showcases our support of the small business, middle market and transportation sectors. Follow us on Twitter, LinkedIn, YouTube 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 Genova Diagnostics
Genova Diagnostics, founded in 1986, is a specialty clinical laboratory, pioneering a systems approach that supports healthcare providers in the personalized treatment and prevention of chronic disease. Chronic diseases are often complex, so the system-based testing helps physicians develop targeted treatments for patients. Easy-to-read, graphical reports synthesize test results into actionable information and facilitate physician-patient communication. The Company offers more than 125 specialized diagnostic assessments that cover digestive, metabolic, immunology, endocrinology and other physiological areas. It currently serves more than 10,000 primary care physicians, specialists and other healthcare providers. gdx.net
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $6.5 billion of institutional investment capital through private equity partnerships, distressed debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P., Levine Leichtman Capital Partners SBIC Fund, L.P., and Levine Leichtman Capital Partners Private Capital Solutions II, L.P. llcp.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
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 lending, factoring, retail finance, aerospace, equipmentand 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