Daily News: February 21, 2012

CIT Arranges Financing in JLL Partners’ American Dental Acquisition


CIT Group Inc. announced that CIT Healthcare served as joint lead arranger and joint bookrunner for the financing transaction in support of JLL Partners’ acquisition of American Dental Partners. CIT underwrote $80.3 million of the $241 million financing in support of the go-private transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“Our financing of this acquisition is another example of CIT’s commitment and expertise in financing the dental sector,” said Steve Warden, president of CIT Healthcare. “This transaction represents the investment appetite for strong dental service platforms that have predictable revenue and cash flow generation characteristics, as well as limited exposure to government reimbursement in healthcare.”

Michel Lagarde, managing director of JLL, said, “We selected CIT, KeyBank, and NXT Capital as our lead arrangers based on their expertise in the healthcare sector and their deep knowledge of the dental sector in general and of ADPI, in particular. These teams demonstrated leadership on the financing to support this transaction and we were very pleased with the outcome.”

American Dental Partners is a business partner to dental group practices.

JLL Partners is a New York-based private equity investment firm that invests in a variety of industries, with special focus on healthcare services, financial services and business services.

Previously on abfjournal.com:

JLL Partners Completes Acquisition of American Dental Partners, Friday, February 10, 2012