CIT Group announced that CIT Corporate Finance served as joint lead arranger in a $140 million senior secured credit facility for National Dentex (NDX), a portfolio company of Welsh, Carson, Anderson & Stowe (WCAS), a private equity firm that specializes in the healthcare and information/business industries.
Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.
“As the broadest dental lab network in the U.S., we are pleased to further expand our relationship with NDX and WCAS through this recent financing,” said Steve Warden, president of CIT Corporate Finance, Healthcare. “This transaction underscores our expertise and commitment to the dental sector, as well as our ability to structure deals to support the capital needs of our middle market healthcare clients.”
Steve Casper, CEO of National Dentex, said, “The U.S. dental laboratory services market continues to grow and diversify at a rapid rate. We needed a forward-thinking partner to understand the unique capital needs of our business to help support our continued growth and expansion. CIT provided in-depth knowledge of the industry, valuable understanding of NDX’s end markets, and demonstrated leadership. We look forward to further building this relationship.”
National Dentex is an operator of dental laboratories in the U.S.