CIT Group announced that CIT Healthcare Finance served as sole lead arranger, sole bookrunner and administrative agent in a $47 million incremental senior secured credit facility to support Epic Health Services’ acquisition of Option1. Epic is a portfolio company of Webster Capital. Financing was provided by CIT Bank, the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
This is the fourth transaction that CIT has led for Epic Health Services (Epic) and complements the $210 million senior secured credit facility provided by CIT in support of Epic’s acquisition of Loving Care Agency in March 2015.
William Douglass, group head and managing director, CIT Healthcare Finance, said, “CIT and Epic have built a strong relationship during the years we have been working together. Epic has been very thoughtful in their growth strategy, and we look forward to working with them as they continue to build the business.”
Will Duke, managing director, CIT Healthcare Finance, said, “Option1 is a premier enteral therapy platform with an impressive track record of growth, extensive referral network and outstanding reputation for quality of care. The acquisition of Option1 strongly complements Epic’s current lines of business and positions the Company for continued penetration of new markets in the future.”
Dallas, TX-based Epic is a provider of pediatric home health and therapy services, as well as behavioral/mental and adult in-home services.
Phoenix, AZ-based Option1 is the largest independent provider of enteral nutrition therapy products and services in the U.S., serving over 6,000 clients across six states.