Europe has one of the largest freight rail markets in the world and this acquisition supports our efforts to grow our rail leasing business and to be the premier provider of global transportation finance solutions
NEW YORK & PARIS--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a global leader in transportation finance, today announced the acquisition of Paris-based Nacco SAS (Nacco), one of the largest independent full service railcar lessors in Europe. Nacco owns more than 9,500 railcars and services over 150 customers in 16 countries. Dan DiStefano, Senior Vice President and General Manager, Locomotives for CIT Rail, was appointed President of the company, which will market itself as Nacco, A CIT Company. Terms of the transaction were not disclosed.
“Europe has one of the largest freight rail markets in the world and this acquisition supports our efforts to grow our rail leasing business and to be the premier provider of global transportation finance solutions,” said Jeff Knittel, President of CIT Transportation & International Finance. “George Cashman, President of CIT Rail, and his team have been studying the European market for a number of years and we are very pleased with this acquisition. It enables us to expand our operating platform outside of North America and offers us a foundation as we look to utilize our best-in-class leasing capabilities throughout Europe.”
Mr. DiStefano said, “Nacco is an industry leader that is known for its strong customer relationships. It has built a reputation based on its expertise in the railcar leasing business, a deep understanding of the European market and the ability to meet the needs of its customers. We remain committed to providing Nacco customers with the quality service they have come to expect and will look to build upon its exceptional service and reputation in the marketplace.”
Nacco’s railcar portfolio consists of tank cars, flat cars, gondolas and hopper cars that service major shippers in the petroleum, chemical and petrochemical industries, as well as those moving fertilizers, minerals, timber, steel, aggregates and agricultural products. Nacco is headquartered in Paris, France, and has subsidiaries in Hamburg, Germany, and Crewe, United Kingdom.
Deutsche Bank Securities Inc. acted as financial advisor to CIT on this transaction.
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About Nacco, A CIT Company
Founded in 1972, Nacco, A CIT Company, is a subsidiary of CIT Rail, the third largest rail lessor in the world. Headquartered in Paris with a network of subsidiaries and exclusive agents across Europe, Nacco, A CIT Company, serves more than 150 customers in 16 countries and maintains a rail fleet of more than 9,500 railcars. naccorail.com
About CIT Rail
CIT Rail owns and finances approximately 120,000 railcars and 400 locomotives and serves more than 650 customers. It provides financial solutions to the bulk freight transportation marketplace and supports the North American and European transportation system by working with freight shippers, receivers and carriers to customize financial solutions for each customer’s individual needs. As a full service lessor and owner of one of the youngest, most diversified fleets of rail assets in North America and Europe, CIT Rail brings unparalleled asset management expertise and commitment to the transportation sector. citrail.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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