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CIT Serves as Sole Lead Arranger in $220 Million Financing
Financing Allows for Acquisition of TrustHouse Services by Elior SCA and Charterhouse Capital Partners
Wednesday, April 24, 2013 08:30 AM
We are pleased to continue our relationship with Mike Bailey and his world class management team.

NEW YORK & LONDON--(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 arranged a $220 million senior secured credit facility to help finance the acquisition of TrustHouse Services Group by Elior SCA and Charterhouse Capital Partners. TrustHouse Services is a national U.S. provider of contract food services to the Healthcare, Education and Corrections sectors. Based in Paris, France, Elior is a premier global provider of contract food services and food concessions. Charterhouse Capital Partners is a leading UK- based private equity firm.

CIT Corporate Finance served as Sole Lead Arranger and Administrative Agent for the transaction. Financing was provided byCIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This transaction demonstrates the commitment CIT has to providing comprehensive financial solutions to private equity firms as they complete acquisitions,” said Eric Toizer, Managing Director of CIT Sponsor Finance. “We are pleased to continue our relationship with Mike Bailey and his world class management team.”

Mike Bailey, CEO at TrustHouse Services, said, “Our long term relationship with CIT facilitated the smooth and efficient closing of this transaction. CIT was able to arrange flexible financing that will allow us to partner with Elior, as it expands into the U.S. market.”

Gilles Cojan, Director at Elior, said, "TrustHouse provides a compelling value proposition and is well positioned to capitalize on market fragmentation. With its national scale, tailored solutions and first class customer service, we believe this acquisition will allow us to build market share and expand our global footprint in the food services sector.”

Jamie Arnell, Partner of Charterhouse, said, "We are pleased to continue our growth strategy for Elior as it partners with TrustHouse to create a world-class food services business. We selected CIT to lead the financing of this transaction because of their relationship with TrustHouse Services and their expertise in underwriting and syndicating senior loans in the U.S. market."

EDITOR’S NOTE:

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 TrustHouse Services

TrustHouse Services Group is a leader in the Healthcare, Education, and Corrections-focused food services space and manages over 675 client accounts across more than 45 states. TrustHouse is headquartered in Charlotte, NC, and was founded by Michael J. Bailey. trusthouseservices.com

About Elior SCA

Founded in 1991, Elior is a market leading catering and facilities management group with operations throughout Western Europe, USA, Mexico and Latin America. Elior is the #4 contract caterer and the #3 concession caterer globally, with €4.48 billion revenue and €359 million EBITDA for its fiscal year ended 30 September 2012. Elior provides personalized catering and service solutions within the Education, Business & Industry and Healthcare & Seniors sectors as well in Leisure, Culture and Travel, as well as cleaning services and facilities management. Elior is owned by Charterhouse Capital Partners and operates over 14,350 restaurants and outlets around the world, serving 3 million customers daily in 14 countries. elior.com

Charterhouse Capital Partners

Charterhouse is a leading private equity investment firm focused on leveraged buyouts of established and substantial businesses. Charterhouse focuses on a variety of industrial and commercial sectors. With over 135 transactions, worth in excess of €50bn in transaction value, and with 86% of those investments realized, the firm’s track record and experience combine to make them one of the most successful private equity firms in Europe. charterhouse.co.uk

About CIT Corporate Finance

CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.cit.com/CorporateFinance

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 March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank

About CIT

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 lendingfactoringretail finance,aerospaceequipment and rail leasing, and vendor finance. CIT 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

 

Contact:

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