CIT Corporate Finance served as Joint Lead Arranger in a $140 million senior secured credit facility for National Dentex (NDX), a dental lab services provider and a portfolio company of Welsh, Carson, Anderson & Stowe (WCAS).
“As the broadest dental lab network in the US, we are pleased to further expand our relationship with NDX and WCAS through this recent financing,” said Steve Warden, President of CIT Corporate Finance, Healthcare. “This transaction underscores our expertise and commitment to the dental sector, as well as our ability to structure deals to support the capital needs of our middle market healthcare clients.”
National Dentex, acquired by WCAS in April 2010, is the largest operator of dental laboratories in the United States and serves an active customer base of over 40,000 clinicians through its full service laboratories located across the US and one Canadian Province. NDX provides a range of custom-made dental prosthetic appliances, including dentures, crowns, fixed bridges, and other dental specialties. The company is based in Palm Beach Gardens, FL (www.nationaldentex.com).
“The US dental laboratory services market continues to grow and diversify at a rapid rate. We needed a forward thinking partner to understand the unique capital needs of our business to help support our continued growth and expansion,” said Steve Casper, Chief Executive Officer of National Dentex. “CIT provided in-depth knowledge of the industry, valuable understanding of NDX’s end markets, and demonstrated leadership. We look forward to further building this relationship.”
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). The corporate finance group is part of CIT, a bank holding company with more than $35 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
Welsh, Carson, Anderson & Stowe is focused exclusively on investments in business, information and healthcare services. Since its founding in 1979, Welsh Carson has organized 15 limited partnerships with total capital of over $20 billion. The firm is currently investing through its latest fund, Welsh, Carson, Anderson & Stowe XI, LP, and is based in New York (www.welshcarson.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-14-13