CIT Group, a provider of financing and advisory services to small businesses and middle market companies, served as joint lead arranger in a $140 million senior secured credit facility for National Dentex, a dental lab services provider in the US. NDX is a portfolio company of Welsh, Carson, Anderson & Stowe. Financing was provided by CIT Bank, the U.S commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that CIT Corporate Finance served as Joint Lead Arranger in a $140 million senior secured credit facility for National Dentex (NDX), one of the largest dental lab services providers in the United States. NDX is a portfolio company of Welsh, Carson, Anderson & Stowe (WCAS), a private equity firm that specializes in the healthcare and information/business industries. Financing was provided by CIT Bank, the U.S commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“As the broadest dental lab network in the U.S., 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.”
Steve Casper, Chief Executive Officer of National Dentex, said, “The U.S. 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. 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.”
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About National Dentex
National Dentex Corporation (NDX), the largest operator of dental laboratories in the United States, serves an active customer base of over 40,000 clinicians through its full service laboratories located across the U.S. and one Canadian Province. NDX’s dental laboratories use the most advanced technology and state-of-the-art products and materials available to provide a full range of custom-made dental prosthetic appliances, including dentures, crowns, fixed bridges, and other dental specialties. They are committed to fine craftsmanship, attention to detail and unmatched personalized service. nationaldentex.com
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe (WCAS) was formed in 1979 and has specialized its investment activities in two industries, information/business services and healthcare. WCAS has raised and managed $20 billion in capital and has a current portfolio of over thirty companies. The firm’s strategy is to partner with outstanding management teams and build value for its investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. welshcarson.com
About CIT Corporate Finance
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: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. Through its Internet bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of September 30, 2013, it had approximately $12 billion of deposits and nearly $15 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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