CIT Group said Wednesday that it has provided a $194.5 million senior secured credit facility to TruckPro, a portfolio company of Harvest Partners. The financing is to support TruckPro’s acquisition of CCI Corp. Based in Memphis, Tenn., TruckPro distributes parts and accessories for heavy duty vehicles.
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 CIT Corporate Finance served as Co-Lead Arranger in a $194.5 million senior secured credit facility to TruckPro, one of the largest independent distributors of heavy duty truck parts in the United States, to finance its acquisition of CCI Corporation.
“We are pleased to close another transaction with CIT. CIT’s middle market lending experience and industry knowledge enables us to grow our business and execute acquisitions in a timely manner.”
TruckPro is a portfolio company of New York-based Harvest Partners, a leading middle market private equity firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This acquisition significantly increases the scale and scope of TruckPro’s business and demonstrates our ability to support our clients’ growth objectives and funding needs,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This was our fifth transaction with Harvest Partners and we are pleased to continue to build upon our business relationship.”
Steve Riordan, Chairman and CEO of TruckPro, said, “The addition of CCI to TruckPro’s existing business positions TruckPro as a leading provider of heavy duty truck and trailer products and advanced repair services in North America.”
Chris Whalen, Managing Director at Harvest Partners, said, “We are pleased to close another transaction with CIT. CIT’s middle market lending experience and industry knowledge enables us to grow our business and execute acquisitions in a timely manner.”
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 companies. harvpart.com
Founded in 1952, TruckPro, LLC is a leading distributor of heavy duty truck & trailer products, and advanced repair services. Through a network of 165 retail store and advanced service repair locations, TruckPro distributes a full range of products to support customer requirements in the areas of brake systems, electrical, engines, gear & drivetrain, and suspension for commercial and government customers. TruckPro is recognized for delivering measurable value and outstanding support to its customers and suppliers alike. Vast application expertise makes TruckPro an unbiased knowledge resource for product information, documentation and training. truckpro.com
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: Business Services, 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 June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
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 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