CIT Serves as Joint Lead Arranger in $165.5 Million Financing for the Jordan Company’s Acquisition of DiversiTech
August 10 2015 - 8:30AM
Business Wire
- The Jordan Company Is a Middle Market
Private Equity Firm With a 33-Year Track Record
- DiversiTech Manufactures and
Distributes Components Critical for Residential and Light
Commercial HVACR Systems
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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About DiversiTech
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
About CIT
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
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version on businesswire.com: http://www.businesswire.com/news/home/20150810005155/en/
CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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