CIT Healthcare Finance served as lead arranger and administrative agent for a $242 million senior secured credit facility to Jordan Health Services.
Dallas-based Jordan is a portfolio company of affiliates of Palladium Equity Partners, a private equity firm that specializes in investing in middle-market companies. The facility will support the refinancing of Jordan’s existing debt and provide incremental capital to support Jordan’s growth objectives. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
CIT has assisted Jordan in expanding its geographic and service footprint by helping to finance numerous transactions since 2007. This latest transaction provides substantial flexibility for Jordan to continue its pursuit of growth through acquisitions and the build-out of its service offering in its target markets.
Scott Herman, CEO, Jordan Health Services, said, “This financing will help consolidate our financial position as well as add flexibility for future acquisitions as we grow our footprint and patient populations. The delivery of high-caliber patient care in the post-acute health services market is a core value that we hold in very high regard. CIT has been a long-term partner and holds extensive knowledge of our business and this industry.”
Daniel Ilundain, a principal of Palladium, said, “Jordan’s leadership has advanced a growth strategy encompassing both organic growth and acquisitions. Since 2010, Jordan has expanded from 28 locations in Texas to about 90 locations in four states serving more than 28,000 patients a day.”
William Douglass, group head and managing director, CIT Healthcare Finance, said, “As the U.S. population continues to age, demand for the services offered by Jordan is expected to grow. Jordan has a strong reputation driven by their quality service, continuum of care programs and utilization of technology-enhanced clinical tools. Palladium has provided Jordan important financial and strategic support as they pursue these opportunities.”