CIT Group announced that it arranged and syndicated a $210 million senior secured credit facility to support the refinancing of Encompass Home Health, a Medicare-certified home health care agency. Encompass is a portfolio company of Cressey & Company LP, a private investment firm focused on the healthcare industry.
CIT Healthcare served as Joint Lead Arranger, Sole Bookrunner and Administrative Agent for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This deal underscores how we use our industry knowledge to help meet the needs of and finance healthcare companies,” said Steven Warden, President of CIT Healthcare. “We are pleased to have the opportunity to work with Encompass and its management team to provide financing solutions that meet its long-term needs and support its growth strategy.”
April Anthony, founder and Chief Executive Officer of Encompass, said, “CIT’s expertise and guidance have provided value to our business and helped make Encompass the standard for patients who need superior in-home care. This facility will provide additional working capital and allow us to continue our focus on enhanced patient care and ensure we remain the leader in innovative home health services.”
The Encompass network has grown to over one hundred home care and hospice branches across 7 states with $250 million in annual revenues.