CIT Serves as Joint Lead Arranger in $135 Million Senior Secured Credit Facility to Support Arlington Capital Partners’ Acq...
August 17 2015 - 8:30AM
Business Wire
- Financing Provided by CIT Bank Allows
for Acquisition of Avalign Technologies
- Avalign Is a Premier Manufacturer in
the Orthopedic Medical Device and Specialty Surgical Markets
- Represents CIT’s Third Transaction with
Arlington Capital Partners
CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of
principal lending and leasing services, today announced that CIT
Healthcare Finance served as Joint Lead Arranger in a $135 million
senior secured credit facility to support Arlington Capital
Partners’ (Arlington Capital) acquisition of Avalign Technologies
(Avalign). Arlington Capital is a Washington, D.C.-based private
equity firm. Headquartered in Lake Forest, IL, Avalign is a
premier, full-service, precision manufacturer of implants and
instruments, specialty instrumentation, cutting tools, and cases
and trays to orthopedic medical device and specialty surgical
markets. Financing was provided by CIT Bank, the principal bank
subsidiary of CIT.
Matt Altman, a Partner at Arlington Capital, said, “Avalign is
an established leader in the large and growing orthopedic precision
manufacturing market. Recognized across the industry for its
superior engineering and manufacturing capabilities, Avalign
provides significant value to its OEM partners through design
improvement, speed to market acceleration and cost reductions. We
look forward to partnering with the highly talented Avalign
management team to support the Company through its next phase of
growth.”
Forrest Whittaker, CEO of Avalign, said, “We are extremely
pleased to be partnering with Arlington Capital. Avalign is
committed to improving patient outcomes by providing best-in-class
medical devices through our industry leading end-to-end
capabilities. We believe that Arlington Capital, which has deep
expertise and an impressive track record in healthcare and
precision manufacturing, is the ideal partner to help us achieve
our goals. We would also like to thank RoundTable Healthcare
Partners for all of their support and partnership to date.”
William Douglass, Group Head and Managing Director of CIT
Healthcare Finance, said, “We’re pleased to lead this transaction
as we put our knowledge and extensive expertise in the medical
device manufacturing space to work for Arlington. Avalign is
focused on serving the growing $36 billion global orthopedic
market, serving OEM customers who supply highly demanded
technologies to the industry’s fastest growing end-markets,
including extremities, sports medicine and trauma.”
Tom Hobbis, Managing Director of CIT Sponsor Finance, said,
“Avalign is an established leader in the orthopedic precision
manufacturing market and a strong addition to Arlington’s growing
portfolio of top tier companies. We’re pleased to play a role in
the growth of these two companies and look to continue building on
these relationships.”
EDITOR’S NOTE:
CIT thought leadership content can be found at View from the
Middle™ (cit.com/viewfromthemiddle) 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 Avalign Technologies
Avalign Technologies is the premier, full-service supplier of
implants and instruments, specialty instrumentation, cutting tools,
and cases and trays for the orthopedic medical device and specialty
surgical markets. Avalign offers its OEM partners a broad portfolio
of manufacturing solutions and extensive engineering design,
development and project management capabilities from concept to
launch. Avalign has an established reputation for consistent and
sophisticated quality systems, flexible capacity capabilities and
superior customer service. avaligntech.com
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-based private
equity firm that has managed $1.5 billion of committed capital via
three investment funds, focused on middle market investment
opportunities in growth industries including: healthcare services,
aerospace/defense, government services, and outsourced business
services and software. The firm’s professionals and network have a
unique combination of operating and private equity experience that
enables Arlington to be a value-added investor. Arlington invests
in companies in partnership with high quality management teams that
are motivated to establish and/or advance their company’s position
as leading competitors in their field. arlingtoncap.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
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150817005280/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
CIT (NYSE:CIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
CIT (NYSE:CIT)
Historical Stock Chart
From Apr 2023 to Apr 2024