CIT Serves as Joint Lead Arranger in BarrierSafe Recapitalization
CIT Group said it arranged and syndicated $199 million in senior secured credit facilities to support the recapitalization of BarrierSafe Solutions International in conjunction with its acquisition of ONGUARD Industries. BarrierSafe Solutions International is a portfolio company of Odyssey Investment Partners.
CIT Healthcare served as joint lead arranger, administrative agent and co-bookrunner for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“We are delighted to continue our support of Odyssey and BarrierSafe in this successful recapitalization,” said Steve Warden, president of CIT Healthcare. “As we extend beyond the five-year anniversary of our relationship, BarrierSafe has consistently delivered on their growth objectives and built a best-in-class global platform.”
Mike Mattos, CEO of BarrierSafe, said, “CIT has continued to support our financing needs as we expand and diversify. By ensuring we were equipped with a growth-friendly capital structure, CIT enabled us to execute upon our strategic objectives with confidence.”
Brian Zaumeyer, a principal of Odyssey Investment Partners, said, “CIT proactively presented us opportunities to enhance our financing structure and continues to be a reliable lending relationship for Odyssey and BarrierSafe.”