Press release from Business Wire
CIT Advises Amerita in Sale to PharMerica
Thursday, December 13, 2012
NEW YORK (Business Wire) -- CIT Group Inc. (NYSE: CIT), a leading provider of financing and advisory services to small businesses and middle market companies, today announced the sale of Amerita, Inc. (Amerita), a provider of home and specialty infusion services, to PharMerica Corporation (PharMerica), an institutional pharmacy services provider. The deal was led by Wesley Smith, Chris Schaefer and Robyn Friedman from CIT Healthcare. CIT Capital Securities LLC acted as the exclusive financial advisor to Amerita. Terms of the transaction were not disclosed. Amerita was a portfolio company of Ferrer Freeman & Company, LLC (FFC), a private equity firm focused on the healthcare industry.
“Together, with PharMerica, we look forward to continuing to provide quality services and support to home and specialty infusion patients,” said Jim Glynn, founder and CEO of Amerita.
David Freeman, a FFC Founding Partner, added, “CIT drove a sale process that yielded a great outcome for FFC and Amerita's equity holders. We are especially pleased that Jim and his team have the opportunity to continue leading the next phase of Amerita's growth with PharMerica's support.”
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About Amerita, Inc.
Amerita, Inc. is a specialty infusion company focused on providing complex pharmaceutical products and clinical services to patients outside of the hospital. This market is expanding through a growing bio-pharmaceutical pipeline of infuseable and injectable medications, an aging population that requires additional healthcare services and the country's need to find more affordable care alternatives. Amerita is headquartered at 20 Fairbanks, Suite 173, Irvine, CA 92618. More information on Amerita is available at www.ameritaiv.com.
About Ferrer Freeman & Company, LLC
Ferrer Freeman & Company, LLC, is a private equity firm located in Greenwich, CT focused exclusively on growth capital investments in the healthcare industry. Since its founding in 1995, FFC has invested over $900 million in 36 portfolio companies. FFC invests in established companies with significant growth opportunities and entrepreneurial management teams. FFC has a demonstrated track record of leveraging its comprehensive healthcare network and decades of experience to help build market leading organizations. More information on FFC is available at www.ffandco.com.
PharMerica Corporation is a leading institutional pharmacy services company servicing healthcare facilities in the United States. PharMerica operates institutional pharmacies in 44 states. PharMerica's customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. The Company also provides pharmacy management services to long-term care hospitals.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital as well as advisory services to its 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 (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com.
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Matt Klein, 973-597-2020
Vice President, Media Relations
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President