This transaction will allow BAUER AG’s U.S. subsidiary to acquire manufactured foundation drilling rigs and other related equipment from its parent/manufacturer for use by BAUER customers throughout the U.S. and Canada.
NEW YORK--(BUSINESS WIRE)--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 has provided an equipment based revolving line of credit to BAUER-Pileco, Inc., a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER AG). Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This deal underscores our expertise and ability to complete complex financing transactions in the equipment financing market,” says Vince Belcastro, Managing Director and Group Head ofCIT Capital Equipment Finance. “This transaction will allow BAUER AG’s U.S. subsidiary to acquire manufactured foundation drilling rigs and other related equipment from its parent/manufacturer for use by BAUER customers throughout the U.S. and Canada.”
Thomas L. Jarboe, Chief Financial Officer of BAUER-Pileco, says, “The deal had heightened complexity due to its lease structure and its fleet rental nature, coupled with the accounting and legal issues inherent in a multi-national firm’s financing of equipment in multiple countries. Closing the transaction required extensive work in Germany and Canada, as well as in the U.S. We look forward to continuing our relationship with CIT.”
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BAUER-Pileco, Inc., is a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER AG). BAUER-Pileco is a leading global provider of foundation equipment and support to the foundation construction industry. BAUER-Pileco has offices and a dealer network with locations throughout the United States. Recognized for its technological advances and innovation, BAUER-Pileco represents BAUER Maschinen across North and Central America. Founded in 1790 and headquartered in Bavaria, Germany, the stock-market listed holding company BAUER AG is the parent of more than 110 subsidiary businesses in the fields of construction, equipment manufacturing and rental, and resources, employing 9,700 people in more than 70 countries. bauerpileco.com
CIT Capital Equipment Finance
CIT Capital Equipment Finance is a leading provider of equipment financing solutions for middle market companies in a wide range of industries. We have nearly a century of experience in developing innovative financial products and services that are flexible, affordable and tailored to our customers’ specific needs. cit.com/equipmentfinance
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