This deal further demonstrates our ability to successfully support the growth objectives of our clients, as well as our continued commitment to providing financing solutions for middle market companies.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced today that it arranged and syndicated $175 million in senior secured credit facilities to support Odyssey Investment Partners’ acquisition of BarrierSafe Solutions International, a leading innovator and provider of disposable gloves.
CIT Healthcare served as Administrative Agent, Joint Lead Arranger and Co-Bookrunner for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to support Odyssey and BarrierSafe in this successful acquisition,” said Steve Warden, President of CIT Healthcare. “This deal further demonstrates our ability to successfully support the growth objectives of our clients, as well as our continued commitment to providing financing solutions for middle market companies.”
Mike Mattos, CEO of BarrierSafe, said, “CIT’s knowledge of our end markets has brought flexibility and thoughtfulness to our financing needs. We look forward to continuing our relationship with CIT Healthcare as we execute on our strategic goals.”
Brian Zaumeyer, a Principal of Odyssey Investment Partners, said, “With a strong balance sheet and their proven ability to execute with certainty under a tight timeline, CIT Healthcare was a logical partner for us on this transaction.”
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About BarrierSafe Solutions International
Based in Lake Forest, Illinois, BarrierSafe is a leading designer, developer, and marketer of disposable gloves and a variety of food safety products under two industry leading brands, Microflex and FoodHandler. 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 billion under management. Odyssey Investment Partners makes control investments in established middle market companies in a variety of industries. odysseyinvestment.com
About CIT Bank
Founded in 2000, CIT Bank is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2011, it had $4.9 billion of deposits and $7.5 billion of assets. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market 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.com