CIT Provides Financing for Odyssey’s Acquisition of L-com
CIT Group Inc. announced that it provided a senior secured credit facility to Odyssey Investment Partners, a middle-market private equity firm, to support its acquisition of L-com, Inc., a global designer and manufacturer of wired and wireless connectivity products.
CIT Commercial & Industrial served as co-lead arranger and joint bookrunner for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“We are pleased to have arranged this financing that supports Odyssey Investment Partners’ acquisition of L-com, Inc.,” said Tom Hobbis, managing director, CIT Sponsor Finance. “This transaction demonstrates our ability to support our clients’ growth objectives and our commitment to providing financial solutions to our middle market and private equity clients.”
Brian Zaumeyer, a principal at Odyssey Investment Partners, said, “We have developed a strong partnership with CIT and are pleased to have completed another acquisition with the support of a great team that is able to deliver comprehensive financing solutions.”
Ed Caselden, president and CEO of L-com, said, “We are delighted to partner with Odyssey Investment Partners to continue to provide our customers with the excellent service and innovative wired and wireless connectivity solutions they expect. At the same time, Odyssey’s support will enable L-com to continue executing our growth strategy by expanding and accelerating the development of new products and pursuing acquisitions that will offer improved application performance in the broader connectivity market.”