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Bethesda, MD, United States, 2015/09/02 - GE Capital’s Healthcare Financial Services (HFS) business announced that it served as administrative agent on a $55M senior credit facility to recapitalize the Community Intervention Services, Inc. (CIS) balance sheet - HIGgrowth.com / GECapital.com. NYSE: GE
GE Capital’s Healthcare Financial Services (HFS) business announced today that it served as administrative agent on a $55 million senior credit facility to recapitalize the Community Intervention Services, Inc. (CIS) balance sheet, support CIS’s acquisition of Futures Behavior Therapy Center, LLC and provide additional capacity for targeted acquisitions. GE Capital Markets served as sole lead arranger and bookrunner on the transaction.
CIS, based in Austin, TX, is a leading provider of behavioral health services that cares for more than 50,000 patients annually. CIS was established by private equity firm H.I.G. Growth Partners, in partnership with behavioral healthcare executive Kevin Sheehan, to acquire, develop and operate a national network of specialized behavioral health treatment facilities and programs.
Headquartered in Beverly, MA, Futures Behavior Therapy Center is a clinic-based provider of treatment and education services for children with autism spectrum disorders and other developmental disabilities.
“Futures marks CIS' sixth acquisition and further expands our treatment capabilities," said Kevin Sheehan, CEO of CIS. “It was a pleasure to work with the HFS team due to its deep understanding of the healthcare industry, particularly in the area of behavioral health.”
“This transaction demonstrates our extensive experience and continued commitment to the behavioral healthcare sector,” said Al Aria, senior managing director of corporate finance at GE Capital, Healthcare Financial Services. “We look forward to collaborating further with CIS and H.I.G. and supporting their growth objectives.”
About H.I.G. Growth Partners
H.I.G. Growth Partners (HIGgrowth.com) is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $19 billion of capital under management, based on total capital commitments to funds managed by H.I.G. Capital and its affiliates. It’s based in Boston.
About GE Capital, Healthcare Financial Services
Healthcare Financial Services (HFS) is one of the most active capital providers in the U.S. healthcare market, deploying approximately $10.5 billion in new commitments to customers via 240+ transactions in 2014. That adds up to more than $80 billion in financing over the past 11 years. For the third consecutive year, HFS was the top lead arranger for financings up to $1 billion in U.S. healthcare leveraged finance.
On Aug. 11, 2015, GE announced that it had reached a definitive agreement to sell HFS to Capital One. The combination of HFS and Capital One’s healthcare teams will create an expanded set of financing solutions for the healthcare industry.
Customers across 45 healthcare sectors including senior housing, hospitals, medical offices, outpatient services, pharmaceuticals and medical devices rely on HFS to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth industry knowledge and expertise, the HFS team of professionals creates business and financial solutions tailored to meet the individual needs of its customers.
GE Capital (gecapital.com) offers customers around the globe an array of financial products, services and insights to help them grow their businesses.
GE (ge.com) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world.