CIT Provides Acquisition Financing to Transilwrap
CIT Group announced it provided a $25 million facility to the Transilwrap to acquire MetPro Group, an Ireland-based packaging company. Transilwrap is a portfolio company of The Resolute Fund III, a private equity fund advised by The Jordan Company III, a middle market private equity firm.
Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“This is the first acquisition for the company since CIT arranged a $160 million senior secured credit facility for The Resolute Fund III, L.P.’s acquisition of Transilwrap last year,” said Tom Hobbis , co-head and Managing Director of CIT Sponsor Finance. “The acquisition of MetPro further diversifies Transilwrap’s portfolio by expanding its geographic footprint, product portfolio and end-market presence. We are proud to continue serving as a finance partner to Transilwrap and The Jordan Company and look forward to further building our relationship.”
Mike Denvir, senior partner of The Jordan Company, said, “Transilwrap’s broad portfolio of capabilities, strong market positions and deep management team make it an ideal platform in an attractive and growing industry. The acquisition of MetPro furthers Transilwrap’s strategy of expanding its presence in important global growth markets while enhancing its value-added product offering. Having worked with CIT for many years, we knew they would put their industry and capital markets expertise to work for us, supporting this key acquisition in a timely and efficient manner. We look forward to building on this relationship.”
Andy Brewer, president and CEO of Transilwrap, said, “We are excited to be partnering with MetPro’s innovative management team. We believe the combined global infrastructure and complementary capabilities in coating and converting technologies will allow both companies to better serve customers worldwide. CIT continues to be an important financing partner in support of our acquisition strategy. We are always impressed with their knowledge and professionalism.”
Transilwrap is a converter of specialty film products.