CIT Serves as Joint Lead Arranger in $65 Million Financing of Blue Wolf Capital Partners’ Acquisition of National Home Health Care
OREANDA-NEWS. CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today announced that CIT Healthcare Finance served as Joint Lead Arranger and Syndication Agent for a $65 million senior secured credit facility to Blue Wolf Capital Partners, a private equity firm that specializes in responsibly transforming companies by managing challenging situations and complex relationships to align stakeholder interests and generate superior returns. The financing supported Blue Wolf’s acquisition of National Home Health Care Corp. (NHHC), a home health provider that offers a range of personal care and skilled nursing services. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Adam Blumenthal, Managing Partner, Blue Wolf Capital Partners, said, “National Home Health Care is an important addition to our investment portfolio. NHHC’s focus on home healthcare for surgical recovery, rehabilitative therapy, behavioral health and the effects of aging is aligned with the trends in today’s healthcare market and presents significant future growth opportunities. We are pleased to partner with CIT to help consummate this transaction.”
Steven Fialkow, Chief Executive Officer, National Home Health Care, said, “We are excited to partner with Blue Wolf as we grow our home health platform and continue to deliver excellent care to our clients.”
William Douglass, Group Head and Managing Director, CIT Healthcare Finance, said, “We’re pleased to leverage our expertise in healthcare financing to support Blue Wolf’s acquisition of National Home Health Care. With the ongoing shift of long-term care away from institutional-based settings toward home-based personal care services, the home healthcare market presents significant opportunities for growth.”
Will Duke, Managing Director, CIT Healthcare Finance, said, “We are excited to partner with Blue Wolf on this transaction and look forward to supporting National Home Health Care as it pursues its strategic growth objectives.”
About Blue Wolf Capital Partners
Blue Wolf Capital is a private equity firm that specializes in control investments in middle market companies based in the United States and Canada. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to generate superior returns and build value for stakeholders.
About National Home Health Care Corp.
Founded in 1983 and headquartered in Scarsdale, NY, National Home Health Care (NHHC) offers a range of home care services across its personal care and skilled nursing businesses to patients with home care requirements arising from, among other things, recovery after a surgery, the need for rehabilitative therapy after an accident, the need to manage debilitating behavioral issues, and the effects of aging that make essential daily activities hard or impossible to perform without assistance. NHHC has over 10,000 daily patients across NY, CT, MA and NJ.
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.