CIT has provided undisclosed funding to Altamont Capital Partners and Douglas Products LLC to buy the Vikane and ProFume businesses from Dow AgroSciences, a Dow Chemical subsidiary. Vikane is an insecticide while ProFume is used as a fumigant for dry fruits, nuts and grains.
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Sponsor Finance provided senior secured credit financing to Altamont Capital Partners (ACP) and Douglas Products, LLC (Douglas) to acquire the Vikane and ProFume businesses from Dow AgroSciences (a subsidiary of The Dow Chemical Company). ACP is a San Francisco Bay area private equity firm focused on middle market businesses and partnering with leading management teams to help them reach their full potential. Douglas is a leading manufacturer and distributor of specialty chemical products for pest management, thermal fluids and sanitary sewer applications. Financing for CIT was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
Vikane is used as a structural fumigant insecticide to control drywood termites, particularly in warm-weather portions of the southwestern and southeastern United States and in Hawaii. ProFume is used as a post-harvest fumigant for dry fruits, nuts, and grains. As part of an operating service agreement, Dow will continue to run the facility while Douglas will be responsible for all other business operations.
Bill Fuller, CEO of Douglas Products, said, “The acquisition of the Vikane and ProFume businesses is a great strategic fit for our company as the products expand our presence in both structural pest control and post-harvest commodity fumigation markets. This financing provides us the opportunity to continue building our platform for growth.”
Randall Eason, Managing Director of Altamont, said, “Douglas has built an impressive business and we believe Vikane and ProFume are great additions. We are excited to partner with their management team to consummate this transaction, and continue to develop Douglas into a leading specialty chemicals platform. CIT was a strong financial partner for us in this transaction.”
Jeff Kilrea, Group Head and Managing Director of CIT Sponsor Finance, said, “This acquisition financing highlights Altamont’s commitment to growing its portfolio of companies as Douglas’ experienced management team looks to capitalize on the opportunity to build a leading specialty chemicals platform.”
Eric Toizer, Managing Director of CIT Sponsor Finance, said, “The relationship with Dow and Douglas provides customers with the comfort that the products will be produced in the same facility going forward, combined with Douglas’ outstanding management and customer service. We’re pleased to put our knowledge to work on behalf of ACP and look forward to helping Douglas grow its platform.”
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About Douglas Products
Headquartered in Liberty, Missouri, Douglas Products was founded in 1916 and has grown into a leading manufacturer and distributor of specialty chemical products for pest management, thermal fluids, and sanitary sewer applications. Douglas has developed a long-standing industry reputation for quality products, customer service, and customized solutions. douglasproducts.com
About Altamont Capital Partners
Altamont Capital Partners (ACP) is a private equity firm based in the San Francisco Bay Area with over $1 billion in capital under management. ACP is focused on investing in middle market businesses and partnering with leading management teams to help them reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries and transaction types. altamontcapital.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com