Daily News: December 21, 2012

CIT Arranges Epic Health Services’ Acquisition Financing


CIT said that it arranged and syndicated $90 million in senior secured credit facilities to support Epic Health Services’ acquisitions of Sante Pediatric Services and AmeriCare. Epic Health Services is a portfolio company of Webster Capital, a small-cap, control-oriented middle market private equity firm.

CIT Healthcare served as sole lead arranger, bookrunner and administrative agent for the transaction. Financing was provided by CIT Bank.

“We are delighted to partner with Epic Health Services and Webster Capital in their continued growth,” said Steve Warden, president of CIT Healthcare. “This transaction further underscores our ability to successfully support the growth capital needs of our clients, as well as our continued commitment to providing financing and advisory solutions for middle market healthcare companies.”

John Garbarino, president and CEO of Epic Health Services, said, “CIT’s understanding of the services we offer resulted in dependability and added flexibility to our financing. We expect to grow our relationship with CIT Healthcare as we continue to expand our market-leading services to medically fragile children and adults in their homes.”

David Malm, senior partner and head of Webster Capital’s Healthcare practice, said, “With a substantial balance sheet and a proven ability to deliver promised results with certainty under a tight timeline, CIT Healthcare was the natural partner for us on this transaction.”