CIT Serves as Sole Lead Arranger for $52 Million Financing to North American Rescue
November 10 2016 - 8:30AM
Business Wire
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Aerospace, Defense & Government Finance served as sole lead
arranger in a $52 million senior secured credit facility to North
American Rescue, LLC (NAR), the premier provider of survivability
and casualty care medical products to the U.S. Military, Law
Enforcement and Civilian First Responder markets. NAR is a
portfolio company of an affiliate of Blue Wolf Capital Partners LLC
(Blue Wolf), a private equity firm that specializes in responsibly
transforming middle market companies. The financing will be used to
refinance existing credit facilities and to provide working
capital. Financing was provided by CIT Bank, N.A., the principal
bank subsidiary of CIT. Terms of the transaction were not
disclosed.
Bob Castellani, Founder and Chief Executive Officer of NAR,
said, “Having served for 10 years as an Air Force Para-rescue
specialist, with four of those spent serving in the Joint Special
Operations Command, I have experience with the value and critical
nature of NAR’s products. Our products make a life-saving
difference to people serving in harm’s way. I appreciate CIT’s
expertise in the sector, their appreciation of our business and
their desire to help us continue to expand our life-saving
mission.”
Burt Feinberg, Managing Director and Group Head, CIT Commercial
& Industrial, said, “We’re pleased we could leverage our
defense industry expertise, our Capital Markets distribution
capabilities and our industry leading treasury management products
to provide a comprehensive financing solution to North American
Rescue.”
John Donohue, Director, CIT Aerospace, Defense & Government
Finance, said, “The unique expertise of the NAR management team,
the niche product suite and the strong support from Blue Wolf make
this an exceptional opportunity for CIT. We look forward to
supporting NAR’s continued growth and to working with Blue Wolf
again.”
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About North American Rescue, LLC
Founded in 1996, Greenville, SC-based North American Rescue, LLC
is dedicated to providing mission enabling equipment to prehospital
life-savers to decrease preventable deaths and reduce adverse
effects of casualties in austere environments by identifying,
integrating, and implementing effective casualty care solutions
developed by leading academic institutions, experienced subject
matter experts and like-minded companies. narescue.com
About Blue Wolf Capital Partners LLC
Blue Wolf Capital Partners LLC is a private equity firm that
specializes in control investments in middle market companies.
Leading by experience, and with a commitment to excellence, Blue
Wolf transforms companies strategically, operationally and
collaboratively. Blue Wolf manages challenging situations and
complex relationships between business, customers, employees,
unions, and regulators to build value for
stakeholders. bluewolfcapital.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
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CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
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PresidentBarbara.Callahan@cit.com
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