CIT Serves as Joint Lead Arranger in BarrierSafe Recapitalization
NEW YORK, NY, January 09, 2013 - CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that 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, LLC. BarrierSafe Solutions International is a portfolio company of Odyssey Investment Partners, LLC.
CIT Healthcare served as Joint Lead Arranger, Administrative Agent and Co-Bookrunner for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. 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."
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Based in Lake Forest, Illinois, BarrierSafe designs, develops and markets a comprehensive suite of disposable gloves, protective footwear, and other safety related products that serve the needs of users across a diverse range of growing, niche markets that enjoy favorable regulatory and sector tailwinds. BarrierSafe is a preeminent player in the U.S. disposable glove and protective footwear segments of the personal protective equipment industry and through its Microflex, High Five, and Onguard brands, BarrierSafe commands leading market positions in its primary end markets. barriersafe.com
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2.5 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. odysseyinvestment.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, it had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. cit.com/citbank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com