Daily News: May 2, 2013

CIT Arranges Financing for Harvest Partners

CIT Group announced that it provided a $96 million senior secured credit facility to Harvest Partners, a middle-market private equity firm, to support its refinancing of TruckPro, an independent distributor of aftermarket parts and accessories for heavy duty vehicles.

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

“We’re pleased to put our industry expertise to work for Harvest Partners,” said Jay Baldinelli, managing director, CIT Sponsor Finance. “This transaction demonstrates our ability to provide innovative, cost effective debt solutions and further supports our clients’ growth objectives.”

Chris Whalen, managing director at Harvest Partners, said, “CIT played an integral role in our efforts to streamline TruckPro’s capital structure. CIT’s deep industry knowledge and their flexible and competitive financing structures, coupled with our long-standing relationship made them the perfect partner for this transaction.”