CIT Provides Facility to AGC Composites & Aerostructures
CIT Group said it provided a senior secured unitranche credit facility to AGC Composites & Aerostructures, a division of Oklahoma-based AGC Aerospace & Defense, for the acquisition of Paul Fabrications, in the UK.
AGC Composites & Aerostructures, a manufacturer of aircraft components, is a portfolio company of Acorn Growth Companies and The Edgewater Funds.
CIT Aerospace & Defense Finance served as sole lead arranger and administrative agent for the transaction. The deal was structured and facilitated by CIT Capital Securities, and the financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to have arranged this financing to support the acquisition of Paul Fabrications and position the company for further growth,” said Chris Cantwell, managing director & group head of CIT Transportation Lending. “AGC Composites & Aerostructures’ high performance products make it a critical supplier to the aerospace and defense markets in both the U.S. and Europe and this deal further demonstrates CIT’s commitment to provide financial solutions to those markets.”
Rick Nagel, managing director of AGC Aerospace & Defense, said, “CIT provided a flexible financing structure that enabled AGC Composites & Aerostructures to achieve its acquisition goals. We were pleased to partner with CIT on this transaction, and look forward to building our relationship with future acquisitions, both domestically and globally.”