CIT Increases Financing for FOX Rehabilitation by $50 Million

Rhea-AI Summary

CIT, a division of First Citizens Bank, has increased its credit facilities for FOX Rehabilitation by $50 million, bringing total financing to $172.3 million. This funding supports FOX's growth strategy, following their February 2019 acquisition by Blue Wolf Capital Partners. FOX, a leading provider of in-home therapy services, has expanded operations into eight new states, demonstrating significant organic growth. The financing aims to enhance FOX's ability to meet increasing patient demand and service needs.

Positive

• Increased credit facilities by $50 million, totaling $172.3 million.
• Significant organic growth in clinician count and patient volume.
• Expansion into eight additional states, indicating market penetration.

Negative

• None.

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Healthcare Finance business increased its existing credit facilities for FOX Rehabilitation by $50 million for a total financing of $172.3 million.

The original financing was developed in connection with FOX's acquisition by Blue Wolf Capital Partners in February 2019. Since then, FOX, a leading provider of in-home physical, occupational and speech therapy services to older adult patients throughout the U.S., has generated significant organic growth via increased clinician count and patient volume and has expanded into eight additional states.

"The increased financing will support our continued growth and strategic business plans," said Dr. Robyn Kjar, CEO at FOX. "We appreciate the leadership and expertise of the CIT team throughout the financing process."

"FOX is an outstanding leader in providing therapy services to patients nationwide," said William Douglass, managing director and group head for CIT's Healthcare Finance team. "We have worked hard to understand their needs and provide the right financing package to support their business objectives."

"FOX is a longtime CIT client," said William Duke, a managing director in Healthcare Finance. "We appreciate the opportunity to extend that relationship with this latest financing package and look forward to supporting the company's growth plans in the future."

CIT's Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, Healthcare Finance can tailor its products and services to help clients meet their needs for capital.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the recent financing announcement related to FCNCA?

CIT announced an increase in credit facilities for FOX Rehabilitation by $50 million, raising total financing to $172.3 million.

How will the financing support FOX Rehabilitation's growth?

The financing is intended to support FOX Rehabilitation's strategic business plans and cater to increasing patient demand.

When did FOX Rehabilitation undergo a significant acquisition?

FOX Rehabilitation was acquired by Blue Wolf Capital Partners in February 2019.

What kind of services does FOX Rehabilitation provide?

FOX Rehabilitation provides in-home physical, occupational, and speech therapy services to older adult patients across the U.S.

Which company is behind the financing announcement related to FCNCA?

The financing announcement was made by CIT, a division of First Citizens Bank.