CIT announced that CIT Healthcare served as sole lead arranger in a $15.5 million senior secured credit facility to DeVilbiss Healthcare, a medical device company and a portfolio company of Vestar Capital Partners.
The financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed. Proceeds of the facility will be used for refinancing debt, for working capital and for new equipment purchases.
“This transaction highlights our expertise and experience in working with private equity firms to meet the financing needs of their middle market healthcare portfolio companies,” said Michael Coiley, managing director of CIT Healthcare. “We are pleased to have provided this financing, which will allow DeVilbiss Healthcare to grow their business.”
Ed Murphy, CEO of DeVilbiss Healthcare, commented, “CIT presented a tailored financing structure that met our goals and will allow us to continue to invest in manufacturing and product development. This deal positions us well for future growth and will help create 20 new jobs in Pennsylvania. We look forward to building on our relationship with CIT.”
Chris Durbin, managing director at Vestar Capital Partners, said, “For more than two decades, we have worked with talented management teams to grow their businesses. This financing will allow DeVilbiss Healthcare to continue to grow as it develops products that meet the respiratory needs of patients in institutional and homecare settings throughout the world.”