CIT Healthcare Serves as Administrative Agent, Sole Bookrunner, and Joint Lead Arranger
NEW YORK, & SALT LAKE CITY & JACKSON, Mich.--(BUSINESS WIRE)-- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that CIT Healthcare and CIT Capital Markets served as Administrative Agent, Sole Bookrunner, and Joint Lead Arranger in a $68.5 million senior secured credit facility for Great Lakes Home Health and Hospice to complete its acquisition of In-House Hospice, one of the leading hospice and palliative care providers in Michigan and Ohio. CIT Bank, a Utah state bank and wholly owned subsidiary of CIT Group Inc., provided $15 million of the total financing. Terms of the transaction were not disclosed.
“This transaction demonstrates our ability to apply our industry and capital markets expertise to successfully arrange strategically important financing,” said Steve Warden, President, CIT Healthcare. “We are proud to partner with Great Lakes Home Health and Hospice, which provides superior quality care to over 4,500 patients, as they grow their presence in the Midwest.”
William Deary, Chief Executive Officer of Great Lakes Home Health and Hospice, said, “CIT’s experience in the home health and hospice sector and ability to adhere to our rapid timeline made them the natural choice to lead the financing for this acquisition. Our expanded footprint will allow us to continue to drive our leadership in the Midwest home health care and hospice market.”
John Pouschine, of Pouschine Cook Capital Management, added, “CIT has helped us execute our growth strategy with Great Lakes and continue to realize the potential of the underlying home health care and hospice platform.” Pouschine Cook Capital Management has been an equity sponsor to Great Lakes since 2007.
Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com.
About Great Lakes Home Health and Hospice
Headquartered in Jackson, Michigan, Great Lakes Home Health and Hospice provides premier home health care, hospice care, home medical equipment, private duty care and other care services to over 4,500 patients throughout the Midwest every day. It is this superior level of quality care that drives over 2,000 physicians to entrust their patients' care to Great Lakes Home Health and Hospice. www.greatlakeshomehealth.com
About Pouschine Cook Capital Management
Founded in 1999, Pouschine Cook is a NY-based private equity firm with a lower middle market focus that seeks to make control and non-control investments alongside founder and family-owned companies as well as corporate divestitures that have a leading position in their industry. Since inception, Pouschine Cook has raised over $250 million, partnering with management teams across a broad spectrum of industries. www.pouschinecook.com
About CIT Bank
CIT Bank is a state-chartered Utah bank and wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. As of June 30, 2010 it had $4.7 billion of deposits, $7.6 billion of assets, a Tier 1 Capital ratio of 59% and total leverage ratio of 21%.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. 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. www.cit.com
CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Director of External Communications & Media Relations
Ken Brause, 212-771-9650
Executive Vice President
KEYWORDS: United States North America Michigan New York Utah
INDUSTRY KEYWORDS: Practice Management Health Small Business Medical Devices Other Health Professional Services Banking Consulting Finance Other Professional Services Medical Supplies Nursing General Health Managed Care