CIT Group Inc. said it provided $96 million senior secured credit facility to Harvest Partners to support its refinancing of TruckPro. Memphis, Tenn.-based TruckPro distributes aftermarket parts and accessories for heavy duty vehicles.
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 $96 million senior secured credit facility to Harvest Partners, a leading middle market private equity firm, to support its refinancing of TruckPro, LLC, a leading independent distributor of aftermarket parts and accessories for heavy duty vehicles.
CIT Corporate Finance served as Co-Lead Arranger and Documentation Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We’re pleased to put our industry expertise to work for Harvest Partners,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction demonstrates our ability to provide innovative, cost effective debt solutions and further supports our clients’ growth objectives.”
Chris Whalen, Managing Director at Harvest Partners, said, “CIT played an integral role in our efforts to streamline TruckPro’s capital structure. CIT’s deep industry knowledge and their flexible and competitive financing structures, coupled with our long-standing relationship made them the perfect partner for this transaction.”
View CIT’s corporate overview video (cit.com/corporatevideo) that showcases our support of the small business, middle market and transportation sectors.
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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
TruckPro, headquartered in Memphis, Tennessee, distributes heavy duty truck parts through 65 locations in 17 states, primarily in the Southeast and Midwest United States. TruckPro was founded in 1952 and is one of the largest independent distributors of heavy duty truck parts in the country. The company distributes a full range of products to support customer requirements in the areas of brake systems, engines, electrical, drivetrain, and suspension for commercial and government customers. truckpro.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
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. A member of the Fortune 500, 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