CIT Bank Provides Acquisition Financing for Great Lakes Home Health And Hospice
CIT Bank Provides Acquisition Financing for Great Lakes Home Health and Hospice
New York & Salt Lake City & Jackson, Mich.– CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that CIT Healthcare and CIT Capital Markets served as Administrative Agent, Sole Bookrunner, and Joint Lead Arranger in a $68.5 million senior secured credit facility for Great Lakes Home Health and Hospice to complete its acquisition of In-House Hospice, one of the leading hospice and palliative care providers in Michigan and Ohio. CIT Bank, a Utah state bank and wholly owned subsidiary of CIT Group Inc., provided $15 million of the total financing. Terms of the transaction were not disclosed.
“This transaction demonstrates our ability to apply our industry and capital markets expertise to successfully arrange strategically important financing,” said Steve Warden, President, CIT Healthcare. “We are proud to partner with Great Lakes Home Health and Hospice, which provides superior quality care to over 4,500 patients, as they grow their presence in the Midwest.”
William Deary, Chief Executive Officer of Great Lakes Home Health and Hospice, said, “CIT’s experience in the home health and hospice sector and ability to adhere to our rapid timeline made them the natural choice to lead the financing for this acquisition. Our expanded footprint will allow us to continue to drive our leadership in the Midwest home health care and hsopice market.”
John Pouschine, of Pouschine Cook Capital Management, added, “CIT has helped us execute our growth strategy with Great Lakes and continue to realize the potential of the underlying home health care hospice platform.” Pouschine Cook Capital Management has been an equity sponsor to Great Lakes since 2007.
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