CIT Group Inc. (NYSE: CIT), a
leading global commercial finance company, today announced that it has
co-arranged a $190 million senior secured credit facility to affiliates
of Vision Logistics Holding Corp., a portfolio company of Welsh,
Carson, Anderson & Stowe. The financing was provided to
effect the acquisition of the four operating businesses of Vision
Logistics and combine them to create a leading provider of
transportation and logistics management solutions for oil and gas
exploration and production activities in the Gulf of Mexico. The
combination creates the largest oilfield-focused logistics business in
the United States.
“Our familiarity with both the company and the
sponsor were instrumental in completing this transaction in a
challenging financing market,” said Cliff
Strain, Managing Director of CIT Investment Banking Services, Sponsor
Finance. “In 2007, we served as co-lead
arranger on Welsh Carson’s initial platform
acquisition of a Vision subsidiary and this transaction highlights our
continued success in supporting sponsors in their effort to build
blue-chip businesses.”
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About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe (Welsh Carson) is one of the largest and
most successful private equity investment firms in the U.S. focused
exclusively on investments in business, information and healthcare
services. Since its founding in 1979, Welsh Carson has organized 14
limited partnerships with total capital of over $16.0 billion. www.welshcarson.com
About Vision Logistics
Vision Logistics is the leading provider of transportation services to
the domestic oil and natural gas industry and one of North America’s
largest “asset light”
logistics providers. Vision primarily provides expedited ground
transportation services for time sensitive and mission critical
components and supplies used in the exploration and production of oil
and gas, throughout the Gulf Coast and other energy producing regions of
the United States.
www.visionlogisticscorp.com
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 $70 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
CIT
Media Relations:
C. Curtis Ritter, 212-461-7711
Director
of External Communications & Media Relations
curt.ritter@cit.com
or
Amy
Jonas, 212-461-5664
Director, Brand Marketing and Communications
amy.jonas@cit.com
or
CIT
Investor Relations:
Ken Brause, 212-771-9650
Executive
Vice President
Ken.Brause@cit.com
