AGC Composites & Aerostructures’ high performance products make it a critical supplier to the aerospace and defense markets in both the U.S. and Europe and this deal further demonstrates CIT’s commitment to provide financial solutions to those markets.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a global leader in transportation finance, today announced that it provided a senior secured unitranche credit facility to AGC Composites & Aerostructures, a division of Oklahoma-based AGC Aerospace & Defense, for the acquisition of Paul Fabrications Ltd., in the U.K. AGC Composites & Aerostructures, a leading manufacturer of aircraft components, is a portfolio company of Acorn Growth Companies and The Edgewater Funds.
CIT Aerospace & Defense Finance served as Sole Lead Arranger and Administrative Agent for the transaction. The deal was structured and facilitated by CIT Capital Securities, and the financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased to have arranged this financing to support the acquisition of Paul Fabrications and position the company for further growth,” said Chris Cantwell, Managing Director & Group Head of CIT Transportation Lending. “AGC Composites & Aerostructures’ high performance products make it a critical supplier to the aerospace and defense markets in both the U.S. and Europe and this deal further demonstrates CIT’s commitment to provide financial solutions to those markets.”
Rick Nagel, Managing Director of AGC Aerospace & Defense, said, “CIT provided a flexible financing structure that enabled AGC Composites & Aerostructures to achieve its acquisition goals. We were pleased to partner with CIT on this transaction, and look forward to building our relationship with future acquisitions, both domestically and globally.”
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About AGC Composites & Aerostructures
AGC Composites & Aerostructures designs and manufactures composite and complex metallic structures in commercial and military aerospace markets. The company maintains continued commitment to innovation, quality, and flexibility towards the requirements of its OEM customers. The company operates as a division of AGC Aerospace & Defense. agcaerospace.com
About CIT Aerospace and Defense Finance
CIT Aerospace & Defense Finance provides integrated financial solutions to manufacturers, suppliers and service providers in the aerospace, defense, homeland security and government contracting industries.
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