The acquisition of Techniks is a great addition to Audax’s portfolio of growth companies. We’re pleased to put our deep experience in financing industrial businesses to work for Audax to help the company grow its platform.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that it served as Joint Lead Arranger in a senior secured credit facility to support Audax Group, an alternative asset management firm specializing in investments in middle market companies, in its acquisition of Techniks Industries, a leading provider of industrial cutting tools and tool holders. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Techniks Industries was formed by the merger of NAP Gladu and Techniks in 2012. NAP Gladu manufactures and services wood and metal cutting tools used in building materials and industrial end markets and Techniks supplies tool holding and work holding products used in CNC machine applications for general industrial end markets.
Brian Doherty, Senior Vice President of Capital Markets at Audax Group, said, “CIT has been a reliable lender since our first financing with them in 2007. The firm’s expertise and experience in the sector is a true benefit to the clients they serve.”
Greg Webb, President and CEO of Techniks Industries, said, “Audax has a wealth of experience taking companies like ours to the next level. We’re excited to partner with Audax as their resources will help us accelerate our growth strategy to expand both the NAP Gladu and Techniks business units.”
Jeff Kilrea, Group Head and Managing Director of CIT Sponsor Finance, said, “This transaction involving the acquisition of Techniks marks our 20th platform transaction with Audax Group since 2007. We value our long term sponsor relationships and are excited about the future opportunities as we continue to grow our relationship with Audax.”
Jay Baldinelli, Managing Director, CIT Sponsor Finance, added, “The acquisition of Techniks is a great addition to Audax’s portfolio of growth companies. We’re pleased to put our deep experience in financing industrial businesses to work for Audax to help the company grow its platform.”
CIT thought leadership content can be found at View from the Middle™ (cit.com/viewfromthemiddle) and our CIT Point of View blog (cit.com/pov). View our corporate video (cit.com/corporatevideo) and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.com/newsalerts.
About Techniks Industries
Techniks Industries is a fast-growing, energetic company focused on providing high-quality solutions that meet the needs of its customers. The combined resources of leading companies including Techniks, NAP Gladu, and BC Saw (subsequently absorbed by NAP Gladu) provides its customers with access to the very finest in innovative engineering and manufacturing, as well as one of the industry’s premier service network. techniksindustries.com
About Audax Group
Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax has over $6 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. audaxgroup.com.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com