CIT Group Inc. announced that it served as joint lead arranger in a $92 million senior secured credit facility to support Wellspring Capital Management’s strategic investment in Great Lakes Caring, one of the largest independent providers of home health and hospice services across the Midwest.
CIT Corporate Finance, Healthcare served as joint lead arranger, joint bookrunner and Syndication agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to leverage our expertise in strategic finance and home health services to support Wellspring’s investment in Great Lakes,” said William Douglass, Managing Director and Group Head of CIT Corporate Finance, Healthcare. “We are excited to continue our long-standing relationship with Great Lakes as it enters its next phase of growth and look forward to broadening our partnership with Wellspring.”
Alexander E. Carles, a Managing Partner of Wellspring Capital Management, said, “Great Lakes Caring is an excellent addition to our portfolio given its market leadership and commitment to the highest quality of care. As we pursued this investment, CIT collaborated closely with us to structure a competitive financing proposal and execute on the transaction.”
William Deary, Chief Executive Officer, Great Lakes Caring, said, “We have delivered sustained growth thanks to our high level of patient satisfaction, which is underpinned by our dedication to quality service, utilization of technology-enhanced clinical tools and careful management of our hub/spoke operating model. Having worked with CIT previously, we know we have in them an experienced financial partner with a deep knowledge of middle-market healthcare. We look forward to CIT’s continued support as we pursue several attractive growth opportunities with our new equity partner.”
CIT Corporate Finance, Healthcare offers comprehensive financing solutions and advisory services to companies across the healthcare industry. Through its client-focused and industry centric model, it tailors corporate financing products and advice to meet the complex needs of its clients.