CIT Serves as Sole Lead Arranger on $175 Million Financing for QMES LLC
Credit facility to refinance legacy debt, support continued growth
NEW YORK, March 6, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, today announced the Healthcare Finance team within its Commercial Finance business provided a $175 million senior secured credit facility to QMES LLC, a large distributor of durable medical equipment to patients in seven Mid-Atlantic and Northeastern states.
QMES LLC is a portfolio company of Quadrant Management Inc., a private investment firm based in New York City. It will use the new credit facility to refinance legacy debt, support its growth trajectory and make strategic acquisitions.
"We are again pleased to support QMES, one of the East Coast's largest durable medical equipment home delivery companies, with financing as it extends its impressive track record of growth," said William Douglass, managing director and group head of CIT's Healthcare Finance business.
"CIT's deep understanding of the sector combined with our healthcare industry knowledge and our comfort in structuring transactions for entrepreneurial companies was a great fit for Quadrant and QMES," Douglass continued. "We look forward to the opportunity to continue supporting their future growth."
QMES Chief Executive Officer Luke McGee added: "Demand clearly is growing for the kind of durable medical equipment we supply, including respiratory products, wheelchairs, hospital beds and much more. We appreciate CIT's ongoing expert support for our financing needs as QMES continues to enlarge our presence and grow beyond the more than 500,000 patients we serve today. This new credit facility will enable us to expand beyond our core markets and further solidify our position in our current markets. It will also allow us to continue to invest in our best-in-class technology solutions which continue to innovate our service offerings to providers and patients. The team at CIT has been great to work with and has executed as they said they would."
CIT's Healthcare Finance unit offers comprehensive financing and treasury management services to companies across the healthcare industry. Using a client-focused and industry-centric model, Healthcare Finance tailors its products and services to help clients meet their needs for growth capital.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
About QMES
Founded in 2012, QMES LLC today provides durable medical equipment and respiratory therapy services through its affiliates, Ocean Medical, Montgomery Medical, Landauer/MedStar and Roberts Home Medical on behalf of more than 500,000 patients in New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia and West Virginia.
CIT MEDIA RELATIONS:
John Moran
212-461-5507
[email protected]
SOURCE CIT Group Inc.
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