Daily News: June 6, 2013

CIT ‘Behind the Deal’ Features Encompass Home Health

CIT released “Helping Healthcare Companies Grow,” an inside look at how CIT financed the growth of Encompass Home Health, a Medicare-certified home health and hospice care agency. The video is the latest installment in the “CIT: Behind the Deal” series of client case study testimonial videos that showcase how the lending, leasing and advisory expertise of CIT has helped its clients achieve success.

Encompass Home Health was founded in 1988 with just one location in Dallas, TX. As the company continued to expand with new locations and more employees, it realized that it was outgrowing its financing structure. It sought the help of Cressey & Company, a private investment firm focused exclusively on investing in and building leading healthcare businesses, and the healthcare capital market expertise of CIT Corporate Finance.

“As we spent more time with CIT, we found out they really know healthcare and they’re really creative at structuring growth financing transactions,” said Bryan Cressey, partner at Cressey & Company. “Both of those are very, very hard to find and we found them in one place… They will structure things in a way that other lenders won’t do because they understand the bigger picture.”

“In addition to our knowledge and relationships, we’re people who do what we say we’re going to do. All of these pieces work together seamlessly for us to be effective in meeting Encompass’ needs,” said Steve Warden, president, CIT Corporate Finance, Healthcare. “Since working with CIT, Encompass Health has grown fourfold. Today it has more than 120 home care and hospice branches across 12 U.S. states with revenues in excess of $300 million.”

“You go out into patients’ homes and you see how hopeless situations can suddenly turn hopeful as we return patients to their prior level of independence,” said April Anthony, CEO of Encompass Home Health. “As our company grows and continues to meet the needs of the industry and the needs of patients we’re going to need a financial partner that can help us. So we are hopeful and confident that CIT will be that partner for us for the long term.”

To view the video click here.