The sponsor finance business of CIT, a division of First Citizens Bank, arranged debt financing to support SK Capital Partners’ investment in VanDeMark Chemical in partnership with existing co-owner Comvest Partners. HSBC, Siemens and Israel Discount Bank also participated in the club financing.
Headquartered in Lockport, NY, with a facility in Kazincbarcika, Hungary, VanDeMark is a producer of specialty chemical intermediates and derivatives for end markets including life sciences, electronics, polymers, coatings, personal care and flavor and fragrances. Comvest will remain a co-owner of the company.
“CIT Sponsor Finance worked with SK Capital to fully understand the needs of the company and was pleased to arrange this financing in support of their investment in VanDeMark Chemical,” Kenneth Caffrey, managing director of CIT Sponsor Finance, said.