CIT Serves as Co-Lead Arranger for $96 Million Financing for Harvest
NEW YORK -- May 2, 2013
CIT Group Inc.(NYSE: CIT) cit.com, a leading provider of financing and
advisory services to small businesses and middle market companies, today
announced that it provided a $96 million senior secured credit facility to
Harvest Partners, a leading middle market private equity firm, to support its
refinancing of TruckPro, LLC, a leading independent distributor of aftermarket
parts and accessories for heavy duty vehicles.
CIT Corporate Finance served as Co-Lead Arranger and Documentation Agent for
the transaction. Financing was provided by CIT Bank, the U.S. commercial bank
subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re pleased to put our industry expertise to work for Harvest Partners,”
said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction
demonstrates our ability to provide innovative, cost effective debt solutions
and further supports our clients’ growth objectives.”
Chris Whalen, Managing Director at Harvest Partners, said, “CIT played an
integral role in our efforts to streamline TruckPro’s capital structure. CIT’s
deep industry knowledge and their flexible and competitive financing
structures, coupled with our long-standing relationship made them the perfect
partner for this transaction.”
View CIT’s corporate overview video (cit.com/corporatevideo) that showcases
our support of the small business, middle market and transportation sectors.
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About Harvest Partners
Founded in 1981, Harvest Partners, LP is a leading New York-based private
equity investment firm pursuing management buyouts and growth financings.
Harvest focuses on acquiring profitable companies in the business services,
manufacturing and distribution, industrial services, midstream energy and
consumer products and retail sectors. This strategy leverages Harvest’s over
30 years of experience in financing organic and acquisition-oriented growth
TruckPro, headquartered in Memphis, Tennessee, distributes heavy duty truck
parts through 65 locations in 17 states, primarily in the Southeast and
Midwest United States. TruckPro was founded in 1952 and is one of the largest
independent distributors of heavy duty truck parts in the country. The company
distributes a full range of products to support customer requirements in the
areas of brake systems, engines, electrical, drivetrain, and suspension for
commercial and government customers. truckpro.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and
advisory services to the small business and middle market sectors, with a
focus on specific industries, including: Chemicals, Commercial Real Estate,
Communications, Energy, Entertainment, Gaming, Healthcare, Industrials,
Information Services & Technology, Restaurants, Retail, and Sports & Media.
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S.
commercial bank subsidiary of CIT Group Inc.(NYSE: CIT). It provides lending
and leasing to the small business, middle market and rail sectors. Through its
online bank, BankOnCIT.com, CIT Bank offers a suite of savings options
designed to help customers achieve a range of financial goals. As of March 31,
2013, it had $10.6 billion of deposits and $13.3 billion of assets.
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35
billion in financing and leasing assets. A member of the Fortune 500, it
provides financing and leasing capital and advisory services to its 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 vendor finance. CIT also
operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through
its online bank BankOnCIT.com, offers a suite of savings options designed to
help customers achieve a range of financial goals. cit.com
CIT MEDIA RELATIONS:
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
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