CIT Group Provides Credit Facility to Aquilex

CIT Group said on Monday that it has provided a loan to Aquilex LLC, the parent company of Aquilex HydroChem, a provider of industrial cleaning solutions. No financial terms were disclosed. CIT Bank, the bank subsidiary of CIT, provided the financing while CIT Corporate Finance was the joint lead arranger and bookrunner for the transaction. Aquilex LLC is majority owned by affiliates of Centerbridge Partners, L.P.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–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 senior secured credit facility to Aquilex LLC, the parent company of Aquilex HydroChem, a leading provider of industrial cleaning solutions to the petrochemical, refinery, power, and pulp and paper markets. Aquilex LLC is majority-owned by affiliates of Centerbridge Partners, L.P., a private investment firm.
CIT Corporate Finance served as Joint Lead Arranger and Joint Bookrunner for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction reflects our continued ability to help Centerbridge and its portfolio of companies grow,” said Jim Conheeney, Managing Director, CIT Corporate Finance, Commercial & Industrial. “We’ve maintained a strong relationship with Centerbridge over the years and look forward to growing that relationship in the years to come.”
Kyle Cruz, Senior Managing Director at Centerbridge Partners, said, “CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction, which provides Aquilex Hydrochem additional resources to further expand its full suite of cleaning services to blue chip customers on a national scale.”
EDITOR’S NOTE:
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About Centerbridge Partners
Centerbridge Partners, L.P. is a private investment firm with offices in New York and London and approximately $20 billion in capital under management as of December 2012. The firm focuses on private equity and credit investments. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
About Aquilex Hydrochem
Aquilex HydroChem, a subsidiary of Aquilex LLC, is a leading provider of industrial cleaning solutions to the chemical and petrochemical production, oil and gas refining and fossil power generation industries. In its 70 year history, Aquilex HydroChem has developed a leading suite of technology-enhanced services including hydroblasting, industrial vacuuming, chemical cleaning and tank cleaning. The company provides its products to the petrochemical, refinery, power and pulp and paper markets, with a majority of its revenue being derived from the United States. hydrochem.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. cit.com/CorporateFinance
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. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. 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