CIT Group Backs JLL Partners, American Dental Deal

CIT Group Inc. served as joint lead arranger and joint bookrunner for JLL Partners‘ acquisition of American Dental Partners, the company announced Tuesday. CIT underwrote $80.3 million of the $241 million financing in support of the go-private transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the deal were not disclosed.


CIT Group Inc. CIT +1.09%, a leading provider of financing to small businesses and middle market companies, today announced that CIT Healthcare served as Joint Lead Arranger and Joint Bookrunner for the financing transaction in support of JLL Partners’ acquisition of American Dental Partners. CIT underwrote $80.3 million of the $241 million financing in support of the go-private transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.


“Our financing of this acquisition is another example of CIT’s commitment and expertise in financing the dental sector,” said Steve Warden, President of CIT Healthcare. “This transaction represents the investment appetite for strong dental service platforms that have predictable revenue and cash flow generation characteristics, as well as limited exposure to government reimbursement in healthcare.”


Michel Lagarde, Managing Director of JLL, said, “We selected CIT, KeyBank, and NXT Capital as our Lead Arrangers based on their expertise in the healthcare sector and their deep knowledge of the dental sector in general and of ADPI, in particular. These teams demonstrated leadership on the financing to support this transaction and we were very pleased with the outcome.”


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About American Dental Partners


American Dental Partners is one of the nation’s leading business partners to dental group practices. The Company is affiliated with 27 dental group practices, which have 282 dental facilities with approximately 2,404 operatories located in 21 states.


About JLL Partners


JLL Partners is a New York-based leading private equity investment firm with approximately $4 billion of capital under management. JLL’s investment philosophy is to partner with outstanding management teams and invest with them in companies that they can continue to grow into market leaders. JLL has invested in a variety of industries, with special focus on healthcare services, financial services and business services. More information on JLL can be found on the website


About CIT Bank


Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. CIT +1.09% . It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of December 31, 2011, it had $6.1 billion of deposits and $9 billion of assets.


About CIT


Founded in 1908, CIT CIT +1.09% is a bank holding company with more than $34 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank,, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals.