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CIT is Joint Lead Arranger in $210MM Facility for Hospice Compassus

February 11, 2015, 07:18 AM
Filed Under: Healthcare

CIT Group Inc. announced that CIT Corporate Finance, Healthcare served as joint lead srranger 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.”

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.

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