CIT Provides Acquisition Financing to United Recovery Systems
CIT Group announced it has provided a senior secured credit facility to United Recovery Systems (URS), a provider of third-party contingency debt collection services owned by Audax Group. The financing was provided by CIT Bank to facilitate URS’ acquisition of Enterprise Recovery Systems, a provider of collection services. CIT Commercial & Industrial served as sole lead arranger and administrative agent for the financing. Terms of the transaction were not disclosed.
“We are pleased to have arranged this financing that supports United Recovery Systems’ acquisition of Enterprise Recovery Systems,” said Jay Baldinelli, managing director, CIT Sponsor Finance. “This transaction underscores CIT’s commitment to provide financing to our middle market and private equity clients to help them grow and expand their businesses.”
Jim Kelleher, president of URS, said, “The acquisition of Enterprise Recovery Systems will expand our capabilities with post-secondary education providers, student loan guarantee agencies, and the Department of Education.”
Mark Cordes, managing director of Audax Group, said, “CIT’s in-depth market knowledge was instrumental in our decision making process and we look forward to continuing to build our relationship with CIT as we execute on future acquisitions.”
Houston, TX-based United Recovery Systems provides accounts receivable management services to the nation’s leading credit grantors.