CIT’s expertise in middle market healthcare finance was apparent throughout the transaction and contributed greatly to the successful structuring and execution of this financing.
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 it served as Joint Lead Arranger in an $80 million senior secured credit facility for Interactive Health, a leading provider of outcomes-based wellness and health management solutions for self-insured employers. The facility was used to support Interactive Health’s acquisition of Health Solutions, a provider of onsite comprehensive wellness services. The acquisition creates the largest U.S.-based independent company offering integrated workplace wellness solutions. Interactive Health is a portfolio company of CI Capital Partners, which made this investment in partnership with InTandem Capital Partners.
CIT Corporate Finance, Healthcare served as Joint Lead Arranger 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.
“CIT is committed to providing financing to help middle market healthcare companies grow and is very excited to support CI Capital, InTandem and Interactive Health in this latest acquisition,” said William Douglass, Managing Director and Group Head of CIT Corporate Finance, Healthcare.
David Gibbs, Managing Director of CIT Corporate Finance, Healthcare, added, “Interactive Health’s success is driven by the company’s proven ability to control medical spend for its clients and increase workplace productivity.”
Joseph O’Brien, CEO of Interactive Health, said, “This acquisition underscores our belief that employers are best served through comprehensive solutions offered by an experienced partner like Interactive Health that delivers results.”
Elliot Cooperstone, Chairman of Interactive Health and CEO of InTandem Capital Partners, added, “CIT’s expertise in middle market healthcare finance was apparent throughout the transaction and contributed greatly to the successful structuring and execution of this financing.”
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About Interactive Health
Interactive Health provides outcomes-based wellness and health management solutions to self-funded employers and TPAs in the United States. The company was founded in 1992 and is headquartered in Schaumburg, Illinois. Through the collection of biometric data and health history, Interactive Health’s wellness program applies scientific methodology to detect health risks at the earliest possible stage. The company provides program participants with a personalized course of action that sets achievable goals and improves long-term health. The company’s customer base consists of over 1,000 primarily self-insured companies across the United States, ranging from 100 to 15,000 employees each. Interactive Health is a portfolio company of CI Capital Partners.interactivehealthinc.com
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 June 30, 2014, it had approximately $14 billion of deposits and more than $18 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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