CIT Group Inc. (NYSE: CIT), a leading
global commercial finance company, today announced that it served as
lead arranger in a $50 million senior secured credit facility to support Austin
Ventures’ acquisition of Delta
Rigging & Tools, a leading provider of wire rope, rigging and
lifting equipment used in energy applications throughout the United
States. The financing will also provide working capital and funding for
future acquisitions.
“We are pleased to serve as Lead Arranger on
the debt financing supporting Austin Ventures in its successful
acquisition of Delta Rigging & Tools,”
said Peter
Gaw, President of CIT Energy. “The
transaction further demonstrates our ability to provide flexible
financing solutions to support our clients’
growth needs.”
Joe Aragona, co-founder and general partner of Austin Ventures said, “CIT
Energy has been and will continue to be a great partner for Austin
Ventures and Delta Rigging & Tools. Their deep domain expertise in
energy end markets enhanced our evaluation of the Delta investment and
their relationship-oriented approach to the transaction gave us the
support we needed to complete an attractive acquisition in a tight
lending environment.”
Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build
valuable companies since 1979. With $3 billion under management, AV is
the most active venture and growth equity firm in Texas, and one of the
most established in the nation. With a focus on business services,
information services, integrated media, computer and communications
hardware, enterprise software and special situations, Austin Ventures
invests at all stages of company development, from $100,000 "planned
experiments" to $50+ million investments in management buyouts. www.austinventures.com
About Delta Rigging & Tools
Delta Rigging & Tools is the largest one-stop provider of lifting
products and services within the domestic lifting equipment and rigging
industry. The company is headquartered in Lake Jackson, Texas and was
formed in 2004 with the acquisition of the platform company, Industrial
Hoist.
About CIT Energy
CIT Energy is leading provider of value added financing and advisory
products and services to high growth, entrepreneurial companies
throughout the energy sector. It covers the full value chain including:
Exploration & Production, Oilfield Services, Midstream, Power, Energy
Technologies and Metal & Mining. By combining extensive industry
experience, structuring expertise and underwriting capacity, CIT Energy
provides comprehensive solutions to our clients most critical strategic
and funding needs.
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
