NEW YORK & DOTHAN, Ala.--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Capital Equipment Finance served as Lead Agent in a $76 million senior secured credit facility to Construction Partners, Inc., a leading infrastructure and road construction company in the Southern United States. Construction Partners is a portfolio company of SunTx Capital Partners, a Dallas-based private equity firm. The facility will be used to refinance equipment and real estate-related debt and for future growth. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We value CIT’s knowledge of capital equipment finance and its ability to structure a flexible and competitive transaction was apparent throughout the financing process,” said Charles Owens, President and CEO of Construction Partners. “The continued high demand for public road construction offers us a great opportunity to leverage this financing to drive future growth.”
Ned Fleming, Managing Partner of SunTx Capital Partners, said, “In 2001, we partnered with an experienced management team to establish Construction Partners, which embarked on a consolidation strategy in the road construction industry. The company has grown through a number of strategic acquisitions and greenfield expansions since then. In CIT, we have found an outstanding financial partner to support Construction Partners as it executes its expansion strategy.”
“We are pleased to provide this financing for Construction Partners,” said Burt Feinberg, President of CIT Corporate Finance, Commercial and Industrial. “As a regionally-focused leader in the road construction and hot-mix asphalt industry, Construction Partners has a strong management team with a well-established record of success and an engaged private equity partner in SunTx. We look forward to growing these relationships.”
Jeff Kilrea, Co-Head and Managing Director of CIT Sponsor Finance, added, “We are pleased to partner with SunTx and their portfolio company Construction Partners to support future growth of their business.”
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About Construction Partners, Inc.
Construction Partners, Inc. (CPI) operates as a leading infrastructure and road construction company in four states in the Southern United States (Alabama, Florida, Georgia and North Carolina). CPI produces aggregates and hot mix asphalt and also provides site development, grading, paving, utility and drainage systems, and bridge construction to municipal, state and federal agencies and private customers. CPI has expanded its regional footprint through various acquisitions and greenfield expansions and currently operates 26 asphalt plants. constructionpartners.net
About SunTx Capital Partners
SunTx Capital Partners is a leading private equity firm that invests in growth-oriented middle-market manufacturing, distribution and service companies. SunTx employs a proven, pragmatic and consistent investment approach that has earned the firm a reputation as a trustworthy steward of capital. SunTx builds partnerships with talented management teams in industries where the firm can leverage its operational experience and financial expertise to improve operating results, drive cash generation, and grow businesses into leading middle-market companies. SunTx targets established companies located in the Sun Belt region of the U.S. suntx.com
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 transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2014, it had approximately $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
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’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations