NEW YORK, Feb. 19, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance unit served as joint lead arranger and administrative agent on the first-lien credit facility for the acquisition of KabaFusion, a leading provider of acute and specialty home infusion services, by Pritzker Private Capital.
Headquartered in Cerritos, California, KabaFusion was founded in 2010 by Sohail Masood, doctor of pharmacy, a pioneer in immunoglobulin infusion therapy (IVIG) with more than 25 years of experience in home infusion services. KabaFusion operates seven fully accredited specialty pharmacies strategically located in key markets, enabling the company to serve patients with a broad range of acute and chronic conditions in over 40 states.
"CIT's deep expertise and knowledge of the home infusion sector were extremely helpful in reaching a smooth and timely closing of this financing," said Michael Dal Bello, investment partner of Pritzker Private Capital.
"Success today requires expertise and agility," said William Douglass, managing director and group head of CIT's Healthcare Finance business. "We worked closely with the Pritzker Private Capital team to understand their priorities and craft a financing package that met their needs."
The acquisition financing package also included a privately placed second-lien credit facility.
CIT's Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions for transactions involving middle-market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance tailors its products and services to help clients meet their financing needs.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Dec. 31, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
KabaFusion was founded by Dr. Sohail Masood, Pharm D., in 2010 and operates seven fully accredited home infusion specialty pharmacies strategically located in California, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Texas. KabaFusion is guided by a commitment to positive clinical outcomes and excellence in specialty acute and immunoglobulin infusion. The company is dedicated to working proactively with patients, healthcare practitioners and payers to provide comprehensive support before, during and after treatment. For more information, visit KabaFusion.com.
About Pritzker Private Capital
Pritzker Private Capital acquires and operates middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. For more information, visit PPCPartners.com.
SOURCE CIT Group Inc.