CIT’s deep industry experience in the healthcare industry and comfort structuring transactions for entrepreneurial companies was a great fit for Quadrant’s needs as they looked to simplify their financial picture and further solidify their position in the markets they serve.
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 that CIT Corporate Finance, Healthcare served as Sole Lead Arranger in a $50 million senior secured credit facility for QMES, a distributor of durable medical equipment to patients in nine states. QMES is a portfolio company of Quadrant Management Inc., a private equity firm based in New York City. The facility will be used to refinance legacy debt and provide for ongoing working capital needs. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“QMES has an impressive track record of growth having completed 10 acquisitions since 2012 and effectively establishing itself as one of the largest medical equipment home delivery companies on the East Coast,” said William Douglass, Managing Director and Group Head of CIT Corporate Finance, Healthcare. “We were able to leverage our extensive expertise in middle market healthcare finance to deliver a total financing solution that met their needs. We look forward to building this relationship.”
Michael Coiley, Managing Director, CIT Corporate Finance, Healthcare, said “CIT’s deep industry experience in the healthcare industry and comfort structuring transactions for entrepreneurial companies was a great fit for Quadrant’s needs as they looked to simplify their financial picture and further solidify their position in the markets they serve.”
Luke McGee, Chairman and CEO of QMES, said, “QMES derives revenue from an extensive network of referral sources and maintains and grows these relationships by providing high quality services, clinical expertise and differentiated offerings designed to improve patient outcomes on a region-by-region basis. We’ve expanded our presence significantly with a series of acquisitions over the past two years. CIT clearly understood our sector and was the ideal partner to support us as we looked to evolve our financial structure to reflect to the company we’ve become and position ourselves for the future.”
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QMES, LLC (“QMES” or the “Company”) is a distributor of Durable Medical Equipment (“DME”) to patients in nine states: PA, NJ, CT, DE, NH, NY, MA, MD and RI. Revenue is primarily generated from the rental of medical equipment for home use and sales of medical supplies. The Company was created in 2012 through various acquisitions and is sponsored by Quadrant Management, Inc. (“Quadrant”), a New York City-based private equity and restructuring firm. The Company operates with four regional headquarters (Oaks, PA; Lakewood, NJ; Mt. Vernon, NY; Warwick, RI) and currently employs approximately 800 employees.
About CIT Corporate Finance, Healthcare
CIT Corporate Finance, Healthcare offers comprehensive financing solutions and advisory services to companies across the healthcare industry. Through its client-focused and industry centric model, it tailors corporate financing products and advice to meet the complex needs of its clients. cit.com/healthcare
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. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2013, it had more than $12 billion of deposits and over $16 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $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 and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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