Daily News: August 20, 2014

CIT Provides Audax Group Financing to Acquire Wheel Pros

CIT Group acted as administrative agent, joint lead arranger and joint bookrunner for facilities supporting Audax Private Equity in its acquisition of Wheel Pros. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“Having completed nine transactions with Audax in the last 18 months, we are pleased to provide this financing and support Audax in its acquisition of Wheel Pros,” said Tom Hobbis, co-head and managing director, CIT Sponsor Finance. “We are excited about the opportunities to continue to partner with Audax in the future.”

Jay Baldinelli, managing director, CIT Sponsor Finance, added, “Wheel Pros’ strong market position is built on its ownership and management of industry leading brands. The acquisition of Wheel Pros is a great addition to Audax’s portfolio of growth companies.”

Denver-headquartered Wheel Pros designs, markets and distributes aftermarket wheels. The company also distributes performance tires and accessories.

Audax Group invests in lower-middle market companies.