CIT, a division of First Citizens Bank, and its healthcare finance business increased its existing credit facilities for FOX Rehabilitation by $50 million for a total financing of $172.3 million.
The original financing was developed in connection with FOX’s acquisition by Blue Wolf Capital Partners in February 2019. Since then, FOX, a provider of in-home physical, occupational and speech therapy services to older adult patients throughout the U.S., has generated significant organic growth via increased clinician count and patient volume and has expanded into eight additional states.
“The increased financing will support our continued growth and strategic business plans,” Dr. Robyn Kjar, CEO at FOX, said. “We appreciate the leadership and expertise of the CIT team throughout the financing process.”
“FOX is an outstanding leader in providing therapy services to patients nationwide,” William Douglass, managing director and group head for CIT’s healthcare finance team, said. “We have worked hard to understand their needs and provide the right financing package to support their business objectives.”
“FOX is a longtime CIT client,” William Duke, a managing director for CIT’s healthcare finance team, said. “We appreciate the opportunity to extend that relationship with this latest financing package and look forward to supporting the company’s growth plans in the future.”
