CIT Group’s Healthcare Finance business provided a $65 million senior secured credit facility to QMES, a distributor of durable medical equipment to patients in the Northeast.
QMES is a portfolio company of Quadrant Management, a private investment firm based in New York City. The facility will be used to refinance legacy debt and support growth.
“We’re pleased to support an existing client like QMES,” said William Douglass, managing director and group head of CIT’s Healthcare Finance business. “QMES’ active M&A growth strategy has led to the successful completion and integration of more than 15 acquisitions and they currently serve over 100,000 patients annually. As a result, the firm has grown to become the largest DME provider in the Northeast. We are happy to deliver a financing solution that meets their needs.”
Michael Coiley, managing director of CIT’s Healthcare business, said, “The management team of QMES has proven quite capable of navigating the intricacies of the DME market. QMES has built a scalable platform that can accommodate future growth opportunities and our credit facilities will help to support that growth.”
Luke McGee, CEO of QMES, said, “Overall the population is aging and we’re seeing growing rates of chronic diseases. As a result, there’s a need for the type of equipment we distribute (i.e. CPAP machines, wheelchairs, ventilation equipment, etc.). CIT’s deep industry expertise and experience in financing middle market health care firms makes them a perfect financing partner for us and we’re excited to continue to build the business with them.”