Daily News: June 3, 2013

CIT Arranges $210MM Financing for Jordan Company

CIT announced that it arranged a $210 million senior secured credit facility for The Jordan Company, a private equity firm that specializes in buying and building companies, to support its refinancing of Haas Group International, the largest independent and fully integrated provider of chemical management services in the world.

CIT Corporate Finance served as joint lead arranger and joint syndication agent for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“This transaction is a result of the long standing relationship we’ve built with The Jordan Company,” said Tom Hobbis, co-head and managing director of CIT Sponsor Finance. “This particular deal highlights our strength in the chemicals industry and our ability to close the transaction quickly and efficiently.”

Eion Hu, senior partner at The Jordan Company said, “There’s a growing trend towards utilizing outsourced chemical management services to manage the hard costs and liabilities associated with the use of chemicals and gases. This financing provides Haas with the financial capacity to continue leading the chemical management industry. Having closed multiple transactions with CIT, it’s become clear they have deep industry expertise in the sectors they serve.”