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CIT is Sole Lead Arranger in $110MM Financing for Epic Health Services

November 20, 2013, 07:52 AM
Filed Under: Healthcare

CIT Corporate Finance served as sole lead arranger in a $110 million senior secured facility for Epic Health Services, a leading provider of pediatric home health and therapy services as well as adult in-home services. Epic Health Services is a portfolio company of Webster Capital, a middle market private equity firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

This is CIT’s second transaction with Epic Health Services and Webster Capital. In December 2012, CIT Corporate Finance, Healthcare served as sole lead arranger, bookrunner and administrative agent in a $90 million senior secured financing to support Epic Health Services’ acquisition of Santé Pediatric Services and AmeriCare.

“Epic Health Services has had a strong track record and solid growth in recent years,” said Steve Warden, president of CIT Corporate Finance, Healthcare. “We are pleased to build upon our established relationship and arrange this financing, which further underscores our ability to put our deep industry knowledge to work for our middle market healthcare clients.”

John Garbarino, President and CEO of Epic Health Services, said, “Our company has experienced significant growth over the last few years as we’ve expanded our pediatric and adult homecare services in Delaware, Massachusetts, New Jersey, Pennsylvania and Texas. CIT Healthcare understands our business and has been a key partner in supporting our growth strategy and we look forward to continuing our relationship.”

David Malm, Senior Partner and head of Webster Capital’s Healthcare practice, said, “CIT’s experience and expertise in working with middle market private equity firms and their portfolio companies is unparalleled in the industry. Their ability to provide innovative financing solutions and services is why we value and nurture this long-term relationship.”

Based in Dallas, TX and founded in 2001, Epic Health Services is a leading provider of pediatric home health and therapy services as well as geriatric in-home services. In conjunction with its Freedom Home Healthcare segment, the Company provides services to over 6,000 clients across five states. As the largest pediatric home health agency in Texas, Epic meets the private duty nursing and therapy needs of medically-fragile and chronically ill children.

Founded in 2003 and based in Waltham, MA, Webster Capital is a small-cap, control-oriented middle market private equity firm that seeks to invest in niche market leaders with a track record of organic growth and a proven business model. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. Webster invests in branded consumer, business to business, and healthcare services companies out of its second fund with over $200MM in committed capital.

CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.

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