CIT Group Inc has provided $165.5 million in financing to back The Jordan Company‘s buy of DiversiTech. Based in Duluth, Georgia, DiversiTech is a maker of HVACR products for the repair, replacement and installation markets.
August 10, 2015 08:30 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that it provided a $165.5 million senior secured credit facility to The Jordan Company, a middle market private equity firm, to support its acquisition of DiversiTech, a manufacturer and distributor of a wide range of engineered components critical in the repair, maintenance, replacement, and installation of residential and light commercial Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) systems.
CIT Sponsor Finance served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Throughout our history, Jordan has partnered with industry-leading platforms led by talented management teams. In DiversiTech, we are acquiring a world-class platform and are excited to support management to aggressively execute on a highly targeted acquisition and organic growth strategy,” said Ian Arons, Partner of The Jordan Company. “As they have done before, CIT quickly understood the strategic rationale for this acquisition and worked with us to put in place a comprehensive, flexible, and competitive financing structure.”
Tom Hobbis, Managing Director of CIT Sponsor Finance, said, “CIT has worked with The Jordan Company on several transactions to date, and we are glad to be able to continue to build our relationship by financing their acquisition of DiversiTech. Both CIT and The Jordan Company understand the value of middle market companies, the important role they have in driving growth, and their unique requirements, including those for financing.”
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DiversiTech provides a broad assortment of parts, supplies, and accessories used in the repair, replacement, and installation of residential and light commercial Heating, Ventilation, Air Conditioning, and Refrigeration (“HVACR”) units, including approximately 200 mechanical, chemical, electrical, and structural HVAC-related product lines. diversitech.com
About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 30-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai. thejordancompany.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its commercial 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