CIT Provides $23 Million Financing to Lighthouse eDiscovery
August 03 2016 - 08:30AM
Business Wire
- Lighthouse eDiscovery Is a Provider of
Technology-Enabled Ediscovery Services
- Lighthouse Is a Portfolio Company of
Spire Capital, a New York-Based Private Equity Firm
- Favorable Industry Trends in the
Ediscovery Sector Present Opportunities for Lighthouse
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Communications & Technology Finance provided a $23 million
senior secured credit facility to Lighthouse eDiscovery, a provider
of technology-enabled ediscovery services. Lighthouse is a
portfolio company of New York-based private equity firm Spire
Capital. The financing will support a recapitalization of the
company and the growth of Lighthouse’s UK operations. Financing was
provided by CIT Bank, N.A., the principal bank subsidiary of CIT.
Terms of the transaction were not disclosed.
Brian McManus, Chief Executive Officer of Lighthouse eDiscovery,
said, “Ediscovery is the process by which electronic data is
collected, secured, and searched prior to being submitted as
evidence in litigation or by governmental request. We assist
clients in their ediscovery process by minimizing the amount of
digital files required to be reviewed prior to evidence submission.
This financing will help advance our financial objectives and
facilitate the growth of our UK office, a key part of our strategy.
CIT’s experience in financing technology companies proved helpful
throughout the transaction process, and we look forward to working
with CIT again.”
Andrew Armstrong, Partner, Spire Capital, said, “Spire Capital’s
relationship with CIT goes back almost 20 years. We are pleased to
add another successful transaction to the list of financings on
which we have partnered with CIT. Favorable industry trends in the
ediscovery sector, including the growing amount of electronically
stored information and the increasing volume of corporate
regulation and litigation, present opportunities for Lighthouse,
and this financing will help support Lighthouse as it continues to
grow its client roster, product offering and geographic
footprint.”
Tom Westdyk, Group Head and Managing Director, CIT
Communications & Technology Finance, said, “Lighthouse is a
leader in enterprise-focused, technology-enabled ediscovery and
competes favorably against larger, less flexible organizations and
small, regional providers. We are glad that we were able to work
with Lighthouse for the first time, and again with Spire Capital,
to bring our financial expertise to bear on this growing sector of
the technology market.”
EDITOR’S NOTE:
CIT thought leadership content can be found at the Knowledge
Center on CIT.com (cit.com/knowledgecenter) and our CIT Point of
View blog (cit.com/pov). View our corporate video
(cit.com/corporatevideo) and follow us on Twitter, LinkedIn,
YouTube and Facebook. Register to receive press releases at
cit.com/newsalerts.
About Lighthouse eDiscovery
Founded in 1995, Lighthouse eDiscovery, Inc. is a provider of
technology-enabled ediscovery services in the United States and
Europe. Lighthouse guides large corporate enterprise and law firm
clients through every aspect of ediscovery, from the simplest
projects to the most complex matters. The company’s experienced,
dedicated client teams deliver with high velocity, unparalleled
quality, and a pragmatic focus on lowering overall ediscovery
costs. lhediscovery.com
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced
private equity firm with an investment focus on lead and control
investments in companies within the business services, information
services, media, education and communications sectors. Spire
Capital leads buyout investments in its areas of expertise and
believes its deep industry experience and network of relationships
are invaluable in helping its portfolio companies to grow and
create value. Spire Capital is investing out of its third fund and
has managed over $900 million in private equity commitments since
its founding. Spire Capital is a New York-based investment advisor
registered with the Securities and Exchange Commission under the
Investment Advisors Act of 1940. spirecapital.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 a wide variety of
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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160803005205/en/
CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
CIT (NYSE:CIT)
Historical Stock Chart
From Feb 2024 to Mar 2024
CIT (NYSE:CIT)
Historical Stock Chart
From Mar 2023 to Mar 2024