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CIT Arranges $210MM Acquisition Financing for Epic Health Services

March 03, 2015, 08:01 AM
Filed Under: Healthcare

CIT Group announced that CIT Corporate Finance, Healthcare served as sole lead arranger, sole bookrunner and administrative agent in a $210 million senior secured credit facility to support Epic Heath Services’ (Epic) acquisition of Loving Care Agency (LCA). Epic is a portfolio company of Webster Capital. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.

This is the third transaction that CIT has led for Epic and Webster Capital. In November 2013, CIT served as Sole Lead Arranger in a $110 million senior secured facility, and in December 2012, CIT served as Sole Lead Arranger, Bookrunner and Administrative Agent in a $90 million senior secured financing to support Epic’s acquisition of Santé Pediatric Services and AmeriCare.

Based in Dallas, Epic is a leading provider of pediatric home health and therapy services as well as behavioral/mental and adult in-home services. The acquisition of New Jersey-based LCA will create a leading pediatric health care company serving patients in 10 states: Arizona, Colorado, Delaware, Illinois, Indiana, Massachusetts, Missouri, New Jersey, Pennsylvania and Texas.

“We’re thrilled with the acquisition of LCA, one of the nation’s largest independent skilled pediatric home nursing providers,” said Chris Roussos, President and CEO of Epic Health Services. “Through this transaction, we’ve added four more states to our geographic footprint and further strengthened our market position in the Northeast, primarily in Massachusetts, New Jersey and Pennsylvania.”

William Douglass, Group Head and Managing Director of CIT Corporate Finance, Healthcare, said, “We’re pleased to lead the financing for this transaction which solidifies Epic’s leadership position in the pediatric market. CIT’s partnership with Epic now encompasses multiple transactions across several years. We’ve enjoyed playing an integral role in the company’s growth.”

Will Duke, Managing Director of CIT Corporate Finance, Healthcare, added, “Epic has a demonstrated track record of strong organic growth complemented by successful integration of strategic acquisitions. With the backing of Webster Capital, a proven healthcare sponsor with a track record of successful investments, Epic has significant scale to provide cost-effective and accessible treatment in the pediatric home healthcare market.”

David Malm, Co-Managing Partner of Webster Capital, said, “We asked CIT to lead this financing as a result of their strong commitment and support throughout Epic’s history. The sector knowledge of CIT’s healthcare team, combined with the market knowledge and execution capabilities of its Capital Markets team, make CIT a great partner for our company.”

Epic Health Services provides pediatric home healthcare throughout Texas. Epic’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization for medically fragile and chronically ill children from birth through age 21.

Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital. Webster Capital is a preferred partner for well-managed smaller companies with unrealized growth potential.

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