Daily News: December 22, 2015

CIT Agents $118MM Financing for Wellspring Capital Acquisition


CIT Healthcare Finance served as joint lead arranger, joint bookrunner and administrative agent for a $118 million senior secured credit facility for Wellspring Capital Management, a middle-market private equity firm.

The financing supports Wellspring’s acquisition of AdvoServ, an operator of residential group homes and related education programs for the treatment of individuals with acute intellectual and developmental disabilities and severe behavioral challenges.

Financing was provided by CIT Bank. Details of the transaction were not disclosed.