We’re pleased to have secured this financing from CIT Healthcare Finance which allows us to expand our market footprint to 13 states with CPS complementing our service offering through the addition of mobile PET/CT imaging and PET isotope production capabilities
NEW YORK & BOCA RATON, Fla.--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Healthcare Finance served as Sole Lead Arranger and Administrative Agent in a $26.5 million senior secured credit facility to support the recapitalization of PharmaLogic and the acquisition of Clinical Pharmacy Services (CPS) by Webster Capital. PharmaLogic is a nuclear pharmacy company with 12 locations in the Northeast and Western United States. Financing was provided by CIT Bank N.A., the principal bank subsidiary of CIT.
“We’re pleased to have secured this financing from CIT Healthcare Finance which allows us to expand our market footprint to 13 states with CPS complementing our service offering through the addition of mobile PET/CT imaging and PET isotope production capabilities,” said Steven Chilinski, President and Chief Executive Officer of PharmaLogic.
David Malm, Co-Managing Partner of Webster Capital, said, “We’re excited to partner with the management team at PharmaLogic and CPS’s principals to further strengthen the businesses’ position in our targeted markets. We would also like to commend the CIT Capital Markets team for their diligent efforts to bring together this financing for Webster Capital.”
William Douglass, Group Head and Managing Director of CIT Healthcare Finance, said, “Webster Capital has a strong reputation for successful healthcare investments and combination of PharmaLogic and CPS is evidence of this track record. We are pleased to have arranged this financing and to put our healthcare knowledge and experience to work for these two companies.”
Will Duke, Managing Director of CIT Healthcare Finance, added, “This transaction provides PharmaLogic and CPS with expanded market presence and highly complementary lines of business. We look forward to working with this team and helping them pursue their growth strategy.”
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PharmaLogic is a group of radiopharmacies located in the Northeast and Western United States. In addition to unit dose services traditionally provided by nuclear pharmacies, PharmaLogic offers a unique suite of solutions addressing the dynamic challenges facing the nuclear imaging market in the future. pharmalogic.info
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 MedEquity Capital
MedEquity Capital is a private equity firm that invests in small and lower middle market healthcare businesses. We target smaller companies with strong cash flow and work with each management team to harness untapped organic and acquisitive growth potential. medequity.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com