CIT Agents Levine Leichtman Capital’s Syntron Buy
CIT Group announced it arranged a senior secured credit facility to support Levine Leichtman Capital Partners’ acquisition of Syntron Material Handling. CIT Corporate Finance served as sole lead arranger and administrative agent. Financing was provided by CIT Bank.
Terms of the transaction were not disclosed.
“We have a long-standing relationship with Levine Leichtman, having most recently served as joint lead arranger for its acquisition of Genova Diagnostics in December of 2013,” said Jeff Kilrea, managing director, co-head, CIT Sponsor Finance. “We’re pleased to continue to provide value to Levine Leichtman with our structuring expertise and middle market industry knowledge which spans the breadth of the firm’s portfolio and investment strategy.”
Ian Townsager, director, CIT Sponsor Finance, added, “We provided a flexible financial solution to Levine Leichtman that fit a complex corporate carve-out from a major public company. With leading market positions in the vibratory and conveyor equipment segments, Syntron is an extremely solid business.”
Lauren Leichtman, CEO of Levine Leichtman, said, “We believe Syntron has a strong market position and differentiates itself from competitors through quality and customer service. Through this acquisition, we can help realize efficiencies as well as capitalize on growth opportunities. Our prior experience with CIT gave us confidence this transaction would close quickly and smoothly. We continue to enjoy a strong relationship with CIT as a financing partner.”
Tupelo, MI-headquartered Syntron is a manufacturer of a diversified product line of conveyor and vibratory equipment used to load, transport and feed bulk materials.