CIT Group Inc. (NYSE: CIT), a leading
global commercial finance company, today announced that it served as
sole lead arranger in a senior secured credit facility for Vault.com,
a leading online media company focused on careers. Vault.com recently
received a majority investment from Veronis
Suhler Stevenson, a private equity firm focused on the media,
communications and information industries with $3 billion in assets
under management.
Financing for the deal was completed by CIT
Communications Media & Entertainment, a unit of CIT. Terms of
the transaction were not disclosed.
“We are pleased to provide the best facility
for Vault.com’s working capital needs and
potential add-on acquisitions,” said Ellen
Marshall, Managing Director, CIT Communications, Media &
Entertainment. “They have a great management
team and we look forward to working with them on future transactions.”
Erik Sorenson, CEO of Vault.com, said, “With
the market being so tight, we were impressed that CIT was able to
complete the transaction in a short period of time. We selected CIT
because the firm is dedicated to its clients and building lasting
relationships.”
Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.
About CIT Communications, Media & Entertainment
The Group provides creative financing solutions in the information
services and technology sectors for sponsor-backed borrowers
demonstrating stable cash flows and established market leadership.
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $80 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a private equity and structured capital
investment firm dedicated to investing in the media, communications and
information sectors in North America and Europe. To date, VSS equity and
structured capital funds have invested in over 60 platform companies,
which have in turn completed over 250 add-on acquisitions, resulting in
a $14 billion portfolio of realized and unrealized enterprise values. www.vss.com
About Vault.com Inc.
Celebrating its 12th anniversary, Vault.com
Inc. is the leading media company focused on careers. Vault offers over
100 online and print books, from the best-selling Vault Guide
to the Top 100 Law Firms to the Vault Guide to Schmoozing.
Vault is celebrated for its online resource, www.vault.com
-- which offers surveys and "insider" information on more than 4,500
employers, 4,000 colleges and universities, and hundreds of industries
and occupations -- as well as the much-praised Electronic WaterCooler™,
the Internet’s first-ever network of message
boards for professionals with nearly 2,000,000 searchable posts. Its
clients include nearly 1,000 advertisers and recruiters, over 800
universities and graduate schools, and over 100,000 consumers.
Maintaining offices in New York, London, and Hong Kong, Vault was
founded in 1996 by Hussam Hamadeh, Samer Hamadeh, and Mark Oldman and
recently received a majority investment from Veronis Suhler Stevenson, a
private-equity firm focused on media and communications with $3 billion
in assets under management. www.vault.com
CIT MEDIA RELATIONS:
C.
Curtis Ritter, 212-461-7711
Director of External Communications &
Media Relations
curt.ritter@cit.com
or
Dan
Infanti, 212-461-5663
Vice President, Director Brand Marketing &
Communications
dan.infanti@cit.com
or
CIT
INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive
Vice President
ken.brause@cit.com
