Norwest Equity Partners has acquired Pentech Holdings from DW Healthcare Partners, Frazier Healthcare and Pentec management. Pentec is a provider of specialty pharmaceutical products and services outside of the hospital setting. Additional financing for this transaction was provided by Norwest Mezzanine Partners, Madison Capital Funding, Golub Capital, Zions Bank, and CIT Group. PRESS RELEASE Norwest [...]
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The CIT Group has appointed Neil Wessan as MD and group head of CIT Capital Markets effective immedlatey. Previously, Wessan was head of capital markets at Gleacher & Co. PRESS RELEASE CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced the appointment of Neil [...]
Publicly traded financial lender CIT Group is providing a senior secured asset-based credit facility to retailer John Varvatos Enterprises in conjunction with the company’s acquisition by private equity firm Lion Capital. PRESS RELEASE: CIT Group Inc. (NYSE: CIT – News) cit.com, a leading provider of financing to small businesses and middle market companies, today announced [...]
The CIT Group provided a senior secured credit facility that backed United Recovery Systems’s buy of Enterprise Recovery Systems. CIT Commercial & Industrial served as sole lead arranger and administrative agent for the financing. Terms of the deal weren’t disclosed. United Recovery is a portfolio company of the Audax Group. PRESS RELEASE CIT Group Inc. [...]
CIT Group, a provider of financing to small businesses and middle market companies, has provided a $46.5 million senior secured credit facility to American Internet Services, a provider of enterprise-class data center and connectivity services in the Western United States. Privately held, AIS is backed by Seaport Capital, Viridian Investments, and DuPont Capital Management. PRESS [...]
CIT Group, which provides lending, leasing and other financial and advisory services to the small business and middle market sectors, announced today it was among the providers of a senior secured credit facility that TA Associates, the middle-market PE firm, used to acquire CoSentry, an Omaha-based IT infrastructure services company. PRESS RELEASE: CIT Group Inc. [...]
CIT Group Inc., a publicly traded provider of financing to small businesses and middle market companies, has named Nelson Chai president. He previously served as the company’s executive vice president, chief administrative officer and head of strategy. Chai will continue to oversee CIT’s infrastructure and operating architecture, including its technology platforms. He will also continue to lead strategic planning and business development.
CIT Group Inc. has led a $204 million credit facility to support refinancing of Ernest Health, the firm announced Friday. Ernest Health, which is backed by private equity firm Ferrer Freeman & Co., is a provider of post-acute care services. CIT Healthcare served as sole bookrunner, joint lead arranger and administrative agent on the $150 million first lien debt, and as sole bookrunner and lead arranger on the $54 million second lien debt, the firm said in a written statement. Other terms of the deal were not disclosed.
The restaurant industry is seeing signs of recovery.
Bob Bielinski, a CIT Group managing director within corporate finance, says there have been more notable deals this year than all of 2009. “We are not quite at ‘good’ but we are starting to get better,” he says.
The year started off strongly when Papa Murphy’s, which offers take-n-bake pizza, was sold to Lee Equity Partners for about 10x EBITDA in April. That same month, Roark Capital Group bought Wingstop Restaurants. In May, Mill Road Capital acquired Rubio’s Restaurants for roughly $91 million. Oak Hill Capital Partners closed its $570 million buy of Dave & Buster’s in June (7x EBITDA). Apollo Management this month completed its $694 million buy of CKE Restaurants, which runs the Carl’s Jr. and Hardee’s chains (6x EBITDA), while Golden Gate Capital closed its $180 million buy of On The Border.