CIT Arranges $194.5MM Financing for TruckPro
CIT Group announced that CIT Corporate Finance served as co-lead arranger in a $194.5 million senior secured credit facility to TruckPro, one of the largest independent distributors of heavy duty truck parts in the United States, to finance its acquisition of CCI Corporation.
TruckPro is a portfolio company of New York-based Harvest Partners, a leading middle market private equity firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. The terms of the transaction were not disclosed.
“This acquisition significantly increases the scale and scope of TruckPro’s business and demonstrates our ability to support our clients’ growth objectives and funding needs,” said Jay Baldinelli, managing director, CIT Sponsor Finance. “This was our fifth transaction with Harvest Partners and we are pleased to continue to build upon our business relationship.”
Steve Riordan, chairman and CEO of TruckPro, said, “The addition of CCI to TruckPro’s existing business positions TruckPro as a leading provider of heavy duty truck and trailer products and advanced repair services in North America.”
Chris Whalen, managing director at Harvest Partners, said, “We are pleased to close another transaction with CIT. CIT’s middle market lending experience and industry knowledge enables us to grow our business and execute acquisitions in a timely manner.”
Founded in 1952, TruckPro is a distributor of heavy duty truck & trailer products, and advanced repair services.