CIT Group announced that it served as joint lead arranger in a senior secured credit facility to support Audax Group, an alternative asset management firm specializing in investments in middle market companies, in its acquisition of Techniks Industries, a provider of industrial cutting tools and tool holders. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufactures and services wood and metal cutting tools used in building materials and industrial end markets and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets.

Brian Doherty, senior vice president of Capital Markets at Audax Group, said, “CIT has been a reliable lender since our first financing with them in 2007. The firm’s expertise and experience in the sector is a true benefit to the clients they serve.”

Greg Webb, president and CEO of Techniks Industries, said, “Audax has a wealth of experience taking companies like ours to the next level. We’re excited to partner with Audax as their resources will help us accelerate our growth strategy to expand both the NAP Gladu and Techniks business units.”

Jeff Kilrea, group head and managing director of CIT Sponsor Finance, said, “This transaction involving the acquisition of Techniks marks our 20th platform transaction with Audax Group since 2007. We value our long term sponsor relationships and are excited about the future opportunities as we continue to grow our relationship with Audax.”

Jay Baldinelli, managing director, CIT Sponsor Finance, added, “The acquisition of Techniks is a great addition to Audax’s portfolio of growth companies. We’re pleased to put our deep experience in financing industrial businesses to work for Audax to help the company grow its platform.”