CIT Group provided a $165.5 million senior secured credit facility to The Jordan Company, a middle market private equity firm, to support its acquisition of DiversiTech, a manufacturer and distributor of a wide range of engineered components
“As they have done before, CIT quickly understood the strategic rationale for this acquisition and worked with us to put in place a comprehensive, flexible, and competitive financing structure.”
CIT Sponsor Finance served as joint lead arranger for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
Ian Arons, partner of The Jordan Company, said: “As they have done before, CIT quickly understood the strategic rationale for this acquisition and worked with us to put in place a comprehensive, flexible, and competitive financing structure.”
“CIT has worked with The Jordan Company on several transactions to date, and we are glad to be able to continue to build our relationship by financing their acquisition of DiversiTech,” said Tom Hobbis, managing director of CIT Sponsor Finance.