First Citizens Bank’s asset-based lending business provided a credit facility to The Stepping Stones Group to accommodate the business’ seasonal working capital needs during the school year.
The Stepping Stones Group, a portfolio company of Leonard Green and Partners, is a provider of therapeutic, behavioral and autism services to children with developmental delays in school, home and center-based settings. The business operates in 45 states and offers both functional and academic services in the following areas: related therapy, autism, behavioral, special education and school nursing.
“We are pleased to work with First Citizens Bank’s asset-based lending team to secure this important financing, allowing our business to pursue its strategic objectives and continue the important work being done by The Stepping Stones Group,” Sean Byrne, CFO of The Stepping Stones Group, said.
“The Stepping Stones Group’s innovative business model has allowed them to make incredible strides in the behavioral health services space,” Chris Esposito, group head for asset-based lending at First Citizens Bank, said. “We were pleased to assist them with this financing and look forward to future opportunities to work with them again.”
“This transaction illustrates our focus and commitment to building strong relationships with both clients and private equity sponsors by providing creative solutions to support their unique needs in order to grow their business,” Santiago Coleman, a managing director for asset-based lending at First Citizens Bank, said.
