CIT Serves as Joint Lead Arranger in Senior Secured Financing for Audax Private Equity to Acquire Techniks Industries
October 27 2015 - 8:30AM
Business Wire
- Represents CIT’s 20th Platform
Transaction with Audax Group Since 2007
- Techniks Industries is a Leading
Provider of Industrial Cutting Tools and Tool Holders in North
America
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that it
served as Joint Lead Arranger in a senior secured credit facility
to support Audax Group, an alternative asset management firm
specializing in investments in middle market companies, in its
acquisition of Techniks Industries, a leading provider of
industrial cutting tools and tool holders. Financing was provided
by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of
the transaction were not disclosed.
Techniks Industries was formed by the merger of NAP Gladu and
Techniks in 2012. NAP Gladu manufactures and services wood and
metal cutting tools used in building materials and industrial end
markets and Techniks supplies tool holding and work holding
products used in CNC machine applications for general industrial
end markets.
Brian Doherty, Senior Vice President of Capital Markets at Audax
Group, said, “CIT has been a reliable lender since our first
financing with them in 2007. The firm’s expertise and experience in
the sector is a true benefit to the clients they serve.”
Greg Webb, President and CEO of Techniks Industries, said,
“Audax has a wealth of experience taking companies like ours to the
next level. We’re excited to partner with Audax as their resources
will help us accelerate our growth strategy to expand both the NAP
Gladu and Techniks business units.”
Jeff Kilrea, Group Head and Managing Director of CIT Sponsor
Finance, said, “This transaction involving the acquisition of
Techniks marks our 20th platform transaction with Audax Group since
2007. We value our long term sponsor relationships and are excited
about the future opportunities as we continue to grow our
relationship with Audax.”
Jay Baldinelli, Managing Director, CIT Sponsor Finance, added,
“The acquisition of Techniks is a great addition to Audax’s
portfolio of growth companies. We’re pleased to put our deep
experience in financing industrial businesses to work for Audax to
help the company grow its platform.”
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About Techniks Industries
Techniks Industries is a fast-growing, energetic company focused
on providing high-quality solutions that meet the needs of its
customers. The combined resources of leading companies including
Techniks, NAP Gladu, and BC Saw (subsequently absorbed by NAP
Gladu) provides its customers with access to the very finest in
innovative engineering and manufacturing, as well as one of the
industry’s premier service network. techniksindustries.com
About Audax Group
Audax Group is an alternative asset management firm specializing
in investments in middle market companies. With offices in Boston,
New York, and Menlo Park, Audax has over $6 billion in assets under
management across its Private Equity, Mezzanine, and Senior Debt
businesses. audaxgroup.com.
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal 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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CIT MEDIA RELATIONS:Matt 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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