For Immediate Release
June 7, 2017
Community Based Care Secures Financing from SunTrust Bank
Funds used to expand company’s footprint in North Carolina
Community Based Care Acquires Community Innovations of Raleigh
Company financing is for additional growth and future acquisitions
Raleigh, NC – Community Based Care, LLC, a provider of services to the intellectual and developmental disabilities (I/DD) market in North Carolina and surrounding states, is pleased to announce the successful procurement of Raleigh-based Community Innovations. This acquisition was made possible through a significant loan from SunTrust Bank, which will allow the organization to enhance existing facilities in Raleigh and fund future acquisitions to expand the company’s footprint throughout the Southeast.
Community Innovations provides a full continuum of services for individuals with I/DD, including supervised living, in-home care and daily activities. The newly acquired organization is expected to undergo expansions and enhancements in order to better serve residents in the I/DD North Carolina community.
“Community Based Care is committed to partnering with market leading providers in the I/DD space as we continue to provide our clients with the best quality care in the state,” said Gene Rodgers, executive vice president of strategy and corporate development for Community Based Care, LLC. “In order to build upon our mission, we needed a bank partner that truly understood our industry and values, and that’s what we found in SunTrust. The bank’s financing options, industry expertise in long-term care and overall processes were a perfect fit for us as we continue to grow.”
Future plans for Community Based Care include new acquisitions of high quality providers in the North Carolina, South Carolina, Virginia and Florida markets. Community Based Care also seeks to enhance existing facilities within the North Carolina footprint in order to create new opportunities for current clients and the local communities they serve.
“We are honored to work with Gene and his team as they continue to grow their footprint throughout the Southeast,” said Jeff Montgomery, Greensboro city president and senior vice president of commercial banking at SunTrust Bank. “Their commitment to the intellectual and developmental disabilities community can be seen in the continual enhancements made to the facilities they acquire and serve.”
The Community Based Care network includes Lindley Habilitation Inc., HomeCare Management, Hughes Behavioral Health Services, QC Inc., and now Community Innovations. This new acquisition marks the company’s sixth in the past 20 months as it continues to experience exponential growth across the state.
About Community Based Care
Community Based Care, LLC is a holding company formed to acquire individual agencies that provide home and community based care for the I/DD population. CBC is interested in exploring additional opportunities throughout North Carolina and surrounding states. The agencies provide services to the I/DD populations, predominately through the I/DD Innovations Waiver. For more information, visit https://www.cbcarellc.com/.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, SunTrust operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2017, SunTrust had total assets of $206 billion and total deposits of $163 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.