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CIT Serves as Sole Lead Arranger in $210 Million Acquisition Financing for Epic Health Services
-Financing Provided By CIT Bank Allows For Acquisition Of Loving Care Agency -Creates One Of The Nation’s Largest Skilled Pediatric-Focused Home Health Entities In The U.S. -Epic Health Services Is An Existing Customer Of CIT And A Portfolio Company Of Webster Capital
Monday, March 2, 2015 08:30 AM
We asked CIT to lead this financing as a result of their strong commitment and support throughout Epic’s history. The sector knowledge of CIT’s healthcare team, combined with the market knowledge and execution capabilities of its Capital Markets team, make CIT a great partner for our company.

NEW YORK & DALLAS--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Corporate Finance, Healthcare served as Sole Lead Arranger, Sole Bookrunner and Administrative Agent in a $210 million senior secured credit facility to support Epic Health Services’ (Epic) acquisition of Loving Care Agency (LCA). Epic is a portfolio company of Webster Capital. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.

This is the third transaction that CIT has led for Epic and Webster Capital. In November 2013, CIT served as Sole Lead Arranger in a $110 million senior secured facility, and in December 2012, CIT served as Sole Lead Arranger, Bookrunner and Administrative Agent in a $90 million senior secured financing to support Epic’s acquisition of Santé Pediatric Services and AmeriCare.

Based in Dallas, Texas, Epic is a leading provider of pediatric home health and therapy services as well as behavioral/mental and adult in-home services. The acquisition of New Jersey-based LCA will create a leading pediatric health care company serving patients in 10 states: Arizona, Colorado, Delaware, Illinois, Indiana, Massachusetts, Missouri, New Jersey, Pennsylvania and Texas.

“We’re thrilled with the acquisition of LCA, one of the nation’s largest independent skilled pediatric home nursing providers,” said Chris Roussos, President and CEO of Epic Health Services. “Through this transaction, we’ve added four more states to our geographic footprint and further strengthened our market position in the Northeast, primarily in Massachusetts, New Jersey and Pennsylvania.”

William Douglass, Group Head and Managing Director of CIT Corporate Finance, Healthcare, said, “We’re pleased to lead the financing for this transaction which solidifies Epic’s leadership position in the pediatric market. CIT’s partnership with Epic now encompasses multiple transactions across several years. We’ve enjoyed playing an integral role in the company’s growth.”

Will Duke, Managing Director of CIT Corporate Finance, Healthcare, added, “Epic has a demonstrated track record of strong organic growth complemented by successful integration of strategic acquisitions. With the backing of Webster Capital, a proven healthcare sponsor with a track record of successful investments, Epic has significant scale to provide cost-effective and accessible treatment in the pediatric home healthcare market.”

David Malm, Co-Managing Partner of Webster Capital, said, “We asked CIT to lead this financing as a result of their strong commitment and support throughout Epic’s history. The sector knowledge of CIT’s healthcare team, combined with the market knowledge and execution capabilities of its Capital Markets team, make CIT a great partner for our company.”

EDITOR’S NOTE:

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About Epic Health Services

Epic Health Services provides pediatric home healthcare throughout Texas. Epic’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization for medically fragile and chronically ill children from birth through age 21. Their pediatric nursing services consist primarily of private duty home nursing care for pediatric patients with illnesses and conditions such as digestive and absorptive diseases, congenital heart defects and other cardiovascular disorders, cancer, cerebral palsy, obstructive and restrictive pulmonary disease, orthopedic conditions and post-surgical needs. epichealthservices.com

About Webster Capital

Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. Webster Capital is a preferred partner for well-managed smaller companies with unrealized growth potential. The Webster Team works closely with ownership and management to effect a smooth transition and to achieve growth while maintaining company values and culture. webstercapital.com

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, 2014, it had approximately $16 billion of deposits and more than $21 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 and equipment finance, as well as aerospaceequipment 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

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Senior Vice President 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:
Barbara Callahan, 973-740-5058
Senior Vice President
Barbara.Callahan@cit.com