CIT Group has announced that CIT Healthcare acted as joint lead arranger and joint bookrunner for the financing transaction in support of JLL Partners’ acquisition of American Dental Partners Inc.

CIT underwrote $80.3m of the $241m 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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