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    CIT Serves as Joint Lead Arranger and Administrative Agent in TrustHouse Services’ Acquisition of A'viands Food Services
    Monday, November 28, 2011 08:30 AM
    Following this acquisition, TrustHouse is one of the top 10 food services providers in the United States employing approximately 4,500 individuals.

    NEW YORK & CHARLOTTE--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced that it has provided a senior secured credit facility to TrustHouse Services Group, Inc. to finance its acquisition of A'viands Food Services Management, a regional foodservice provider to the healthcare and education sectors. TrustHouse is a portfolio company of Gryphon Investors, a San Francisco-based middle market private equity firm.

    CIT Sponsor Finance served as Joint Lead Arranger and Administrative Agent 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 provide this financing to support TrustHouse’s acquisition of A’viands,” said Ian Townsager, Director of CIT Sponsor Finance. “Following this acquisition, TrustHouse is one of the top 10 food services providers in the United States employing approximately 4,500 individuals.”

    Keith Stimson, a Partner at Gryphon Investors, said, “By backing TrustHouse CEO Michael Bailey and through the acquisition of A’viands, we’re continuing TrustHouse’s growth strategy to create a world-class food services business that concentrates on the healthcare and education spaces. We selected CIT to help lead the financing of this deal because of the firm’s deep knowledge and experience in the food services industry and because of their successful track record of supporting our business. This is the sixth transaction we’ve completed with the help of CIT.”

    TrustHouse manages over 400 client accounts across more than 30 states. It will significantly increase its geographic footprint and nearly double the size of the Company following its acquisition of A'viands.

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    About TrustHouse

    TrustHouse Services Group is a leader in the Healthcare and Education-focused food services space, and manages over 400 client accounts across more than 30 states. TrustHouse is headquartered in Charlotte, NC and was founded by Michael J. Bailey and Gryphon Investors, a San Francisco-based premier middle market private equity firm. trusthouseservices.com

    About Gryphon Investors

    Based in San Francisco, Gryphon Investors focuses on leveraged acquisitions of, and growth investments in, middle-market companies in partnership with experienced management. Having managed $1 billion of discretionary equity capital, Gryphon has an extensive track record of investing $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million. Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon's capital, professional resources and operational expertise. gryphoninvestors.com

    About CIT Sponsor Finance

    CIT Sponsor Finance provides cash flow and asset based senior debt for private equity backed transactions in the middle market throughout the United States and Canada. With nearly $10 billion in commitments to companies owned by private equity sponsors across the various industries, CIT is one of the largest providers of capital to the middle market private equity firms. It has completed more than 150 transactions in the past five years with more than 100 different private equity sponsors.cit.com/sponsorfinance

    About CIT

    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 lendingfactoringretail financeaerospace, equipment and rail leasing, and global vendor financecit.com

     

     

    Contact:

    CIT MEDIA RELATIONS:
    C. Curtis Ritter
    Director of Corporate Communications
    (973) 740-5390
    Curt.Ritter@cit.com
    or
    Matt Klein
    VP, Media Relations
    (973) 597-2020
    Matt.Klein@cit.com
    or
    CIT INVESTOR RELATIONS:
    Ken Brause
    Executive Vice President
    (212) 771-9650
    Ken.Brause@cit.com

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