We have enjoyed working with the Jordan and Palladium teams on this transaction and look forward to supporting them further as they pursue Jordan’s strategic growth objectives.
NEW YORK--(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 Lead Arranger and Administrative Agent for a $242 million senior secured credit facility to Jordan Health Services, one of the largest providers of home healthcare and hospice services in Texas and Oklahoma, with a growing presence in Arkansas and Louisiana. Jordan is a portfolio company of affiliates of Palladium Equity Partners, LLC (“Palladium”), a private equity firm that specializes in investing in middle-market companies. The financing will support the refinancing of Jordan’s existing debt and provide incremental capital to support Jordan’s growth objectives. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
CIT has had a long-standing relationship with Jordan, having assisted Jordan in expanding its geographic and service footprint by helping to finance numerous transactions since 2007. This latest transaction provides substantial flexibility for Jordan to continue its pursuit of growth through acquisitions and the build-out of its service offering in its target markets.
Scott Herman, Chief Executive Officer, Jordan Health Services, said, “This financing will help consolidate our financial position as well as add flexibility for future acquisitions as we grow our footprint and patient populations. The delivery of high-caliber patient care in the post-acute health services market is a core value that we hold in very high regard. CIT has been a long-term partner and holds extensive knowledge of our business and this industry. We are very pleased to continue working with them as we progressively build our post-acute continuum, focused on delivering care to America’s most vulnerable and costly population of patients.”
Daniel Ilundain, a Principal of Palladium, said, “Jordan’s leadership has advanced a growth strategy encompassing both organic growth and acquisitions. Since 2010, Jordan has expanded from 28 locations in Texas to about 90 locations in four states serving more than 28,000 patients a day. With a diversified service offering, Jordan is well-positioned as a leading consolidator within the home care industry, having completed over 20 acquisitions since 2010. CIT’s financial support and expertise has been instrumental to Jordan’s growth over the years, and we appreciate their continued collaboration.”
William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “As the U.S. population continues to age, demand for the services offered by Jordan is expected to grow. Jordan has a strong reputation driven by their quality service, continuum of care programs and utilization of technology-enhanced clinical tools. Palladium has provided Jordan important financial and strategic support as they pursue these opportunities.”
Will Duke, Managing Director, CIT Healthcare Finance, said, “We have enjoyed working with the Jordan and Palladium teams on this transaction and look forward to supporting them further as they pursue Jordan’s strategic growth objectives.”
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About Jordan Health Services
Founded in 1975 and based in Dallas, TX, Jordan Health Services is one of the nation’s largest home care providers. With its unique blend of services including personal care, case management, skilled nursing, therapy, and hospice services, Jordan’s team of over 17,000 highly skilled and dedicated professionals provide care to more than 28,000 adult and pediatric patients daily. jhsi.com
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $2.0 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $1.5 billion of capital in more than 25 platform investments and over 50 add-on acquisitions. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have significant experience in financial services, business services, food, healthcare, industrial and media businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. www.palladiumequity.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 a wide variety of 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
CIT MEDIA RELATIONS:
Matt Klein, 973-597-2020
Director, Media Relations
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740-5058
Senior Vice President
For media inquiries related to Palladium or Jordan:
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