CIT Group, a provider of financing to small businesses and middle market companies, said on Monday that its U.S. bank subsidiary, CIT Bank, has arranged a $210 million credit facility for The Jordan Company. The loan is for The Jordan Company’s refinancing of a portfolio company, Haas Group International, a provider of chemical management services. CIT Corporate Finance served as joint lead arranger and joint syndication agent for the transaction.
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 arranged a $210 million senior secured credit facility for The Jordan Company, a private equity firm that specializes in buying and building companies, to support its refinancing of Haas Group International, Inc., the largest independent and fully integrated provider of chemical management services in the world.
CIT Corporate Finance served as Joint Lead Arranger and Joint Syndication 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.
“This transaction is a result of the long standing relationship we’ve built with The Jordan Company,” said Tom Hobbis, Co-Head and Managing Director of CIT Sponsor Finance. “This particular deal highlights our strength in the chemicals industry and our ability to close the transaction quickly and efficiently.”
Eion Hu, Senior Partner at The Jordan Company said, “There’s a growing trend towards utilizing outsourced chemical management services to manage the hard costs and liabilities associated with the use of chemicals and gases. This financing provides Haas with the financial capacity to continue leading the chemical management industry. Having closed multiple transactions with CIT, it’s become clear they have deep industry expertise in the sectors they serve.”
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About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm with over $5 billion of committed capital under management and 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
About Haas Group International, Inc.
Haas Group International, Inc. (“Haas”) is one of the largest independent, fully integrated providers of chemical management services. The Company streamlines and fully manages all or parts of the chemicals and gases value chain for each of its customers. Haas services a variety of industries such as aerospace, automotive, electronics, metals, food and beverage and the government (U.S. Department of Defense and Energy). haasgroupintl.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. 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