CIT Backs Latest Webster Acquisitions

CIT Backs Latest Webster Acquisitions

CIT Group has arranged and syndicated $90 million in senior secured credit facilities to support Epic Health Services’ acquisitions of Santé Pediatric Services and AmeriCare.  Epic Health Services is a portfolio company of Webster Capital.

CIT Healthcare served as Sole Lead Arranger, Bookrunner and Administrative Agent for the transaction and financing was provided by CIT Bank, a wholly-owned subsidiary of CIT.  “With a substantial balance sheet and a proven ability to deliver promised results with certainty under a tight timeline, CIT Healthcare was the natural partner for us on this transaction,” said David Malm, Senior Partner and head of Webster Capital’s Healthcare practice.

Santé Pediatric Services is a pediatric provider of speech, occupational, medical nutrition and physical therapy. The company is based in Frisco, TX (

“We are delighted to partner with Epic Health Services and Webster Capital in their continued growth,” said Steve Warden, President of CIT Healthcare. “This transaction further underscores our ability to successfully support the growth capital needs of our clients, as well as our continued commitment to providing financing and advisory solutions for middle market healthcare companies.”

Epic Health Services is a provider of pediatric home health and therapy services as well as geriatric in-home services.  In conjunction with its Freedom Home Healthcare segment, the company provides services to over 6,000 clients across five states. As the largest pediatric home health agency in Texas, Epic meets the private duty nursing and therapy needs of medically-fragile and chronically ill children. The company was founded in 2011 and is based in Dallas (

“CIT’s understanding of the services we offer resulted in dependability and added flexibility to our financing. We expect to grow our relationship with CIT Healthcare as we continue to expand our market-leading services to medically fragile children and adults in their homes,” said John Garbarino, President and CEO of Epic Health Services.

Webster Capital invests in branded consumer, business- to-business, and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values less than $100 million. The firm is currently investing Webster Capital II, a $205 million fund which closed in 2007.  Webster was founded in 2003 and is based in Waltham, MA (

CIT is a bank holding company with more than $33 billion in assets. Sectors of interest include small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance.  CIT was founded in 1908 and is based in New York (

© 2012 PEPD • Private Equity’s Leading News Magazine • 12-20-12

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