NEW YORK & DALLAS--(CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced that it arranged and syndicated a $210 million senior secured credit facility to support the refinancing of Encompass Home Health, a Medicare-certified home health care agency. Encompass is a portfolio company of Cressey & Company LP, a private investment firm focused on the healthcare industry.)--
“We are pleased to have the opportunity to work with Encompass and its management team to provide financing solutions that meet its long-term needs and support its growth strategy.”
CIT Healthcare served as Joint Lead Arranger, Sole Bookrunner and Administrative Agent for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This deal underscores how we use our industry knowledge to help meet the needs of and finance healthcare companies,” said Steven Warden, President of CIT Healthcare. “We are pleased to have the opportunity to work with Encompass and its management team to provide financing solutions that meet its long-term needs and support its growth strategy.”
April Anthony, founder and Chief Executive Officer of Encompass, said, “CIT’s expertise and guidance have provided value to our business and helped make Encompass the standard for patients who need superior in-home care. This facility will provide additional working capital and allow us to continue our focus on enhanced patient care and ensure we remain the leader in innovative home health services.”
The Encompass network has grown to over one hundred home care and hospice branches across 7 states with $250 million in annual revenues.
About Encompass Home Health
Encompass Home Health is a Medicare-certified home health and hospice care agency that offers a revolutionary approach that has established a better way to care. They have locations across Texas, Oklahoma, New Mexico, Colorado, Utah, Idaho and Oregon. Encompass is driven by their focus on superior patient care. This commitment to providing quality care, combined with an exceptional management team and sound financial partner means Encompass is equipped with the industry knowledge, growth skills and the financial support necessary to ensure they remain the leader in innovative home health services. ehhi.com
About Cressey & Company
Cressey & Company LP is a private investment firm focused exclusively on investing in and building leading healthcare businesses. With a history spanning over 25 years, the Cressey & Company team is one of the most experienced and successful in middle-market private equity. Based in Chicago, Illinois, and Nashville, Tennessee, the Firm focuses on investments in healthcare services, providers and facilities. These segments represent in excess of $1 trillion or over 10% of the United States' gross domestic product. cresseyco.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of March 31, 2012, it had $6.7 billion of deposits and $9.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of online savings options designed to help customers achieve a range of financial goals. cit.com
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