NEW YORK & NASHVILLE, Tenn.--(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 Joint Lead Arranger and Joint Bookrunner in a $210 million senior secured credit facility for Hospice Compassus. Hospice Compassus used the financing to acquire Life Choice Hospice in a recapitalization sponsored by Formation Capital and Audax Group. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
Based in Nashville, Tennessee, Hospice Compassus is a nationwide network of community-based hospice programs. Following this acquisition, it has become one of the nation’s largest private independent providers of hospice services with 90 locations in 25 states.
“The combination of Hospice Compassus and Life Choice creates a leading hospice platform with a national scope,” said Jim Deal, Chief Executive Officer of Hospice Compassus. “CIT has been a financing partner since our inception in 2006, supporting our efforts to grow our organization. We look forward to our continued partnership with CIT.”
“We’re pleased to provide this latest round of financing to support the growth of Hospice Compassus, a company that we’ve had a strong relationship with since its founding,” said William Douglass, Group Head and Managing Director of CIT Corporate Finance, Healthcare. “This transaction underscores our industry expertise in the large and growing home health and hospice sector, a $17 billion market that has grown in excess of 9% annually since 2006. As Hospice Compassus continues to navigate the opportunities in this growing sector, we look forward to partnering with them again in the future.”
Will Duke, Managing Director of CIT Corporate Finance, Healthcare, added, “While the hospice sector continues to be highly fragmented, Hospice Compassus has grown to become a dominant provider. The company has been a valued, longstanding client of CIT. We’re pleased to support their strategic growth objectives as the industry continues to consolidate in coming years.”
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About Hospice Compassus
Hospice Compassus is a nationwide network of community-based hospice programs. Based in Nashville, Tennessee, the company opened its first hospice in 1979 and before the Life Choice combination operated more than 60 programs across the U.S. The mission of Hospice Compassus is to honor life and offer hope to individuals facing terminal illness by supporting them with a common culture focused on three core values: Compassion, Integrity and Excellence. Through this combination, Hospice Compassus now serves patients through 90 locations in 25 states with more than 2,500 colleagues providing a range of hospice and palliative care services designed to benefit patients and families at a most critical time in their life. The company’s primary goals are to provide the highest quality hospice care and service in every community in which they operate and to be the hospice employer of choice. hospicecompassus.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
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 lending, factoring, retail and equipment finance, as well as aerospace, equipment 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