CIT Serves as Lead Arranger in Financing for Odyssey Investment Partners' Acquisition of Cross Country Pipeline Supply Co.
NEW YORK, July 29, 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 a senior secured credit facility for Odyssey Investment Partners, a leading middle market private equity firm. The financing supports Odyssey's acquisition of Aurora, Colorado-based Cross Country Pipeline Supply Co. (CCP), a leading provider of rental equipment and parts and supplies to the U.S. oil and gas pipeline construction and maintenance industry.
CIT Corporate Finance served as Sole Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
"This is our seventh transaction with Odyssey Investment Partners in the last two years," said Tom Hobbis, Managing Director and Co-Head of CIT Sponsor Finance. "Although we've led deals with Odyssey in the past, this transaction represents our first lead asset-based lending deal in the energy sector with the firm. This deal further highlights our ability to provide financing to leading middle market and private equity clients. We are pleased to support Odyssey as they grow this business."
Stephen Berger, Chairman of Odyssey Investment Partners, said, "The outlook for the construction of new natural gas, oil and natural gas liquid (NGL) pipelines, driven in large part by shale production, is highly bullish, suggesting a robust market opportunity for Cross Country Pipeline. CCP is well positioned to capitalize on the growth of the market, and we will leverage the company's market position and reputation to expand its geographic footprint, customer base and service offerings. We continue to partner with CIT because of their deep industry knowledge, their extensive due diligence and their speed of execution."
View CIT's corporate overview video cit.com/corporatevideo that showcases our support of the small business, middle market and transportation sectors.
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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 $3 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. odysseyinvestment.com
About Cross Country Pipeline Supply Co.
Cross Country Pipeline Supply, headquartered in Aurora, Colorado, is a leading provider of rental equipment and parts and supplies to the pipeline construction industry. The company has a fleet of pipeline construction equipment consisting of earthmoving equipment and pipeline specific equipment such as pipelifters/pipelayers. CCP has established relationships with most of the prominent players in the pipeline construction industry and has an excellent track record of customer satisfaction and reliability. ccpipeline.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) 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. As of June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. 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 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