NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Communications & Technology Finance provided a $23 million senior secured credit facility to Lighthouse eDiscovery, a provider of technology-enabled ediscovery services. Lighthouse is a portfolio company of New York-based private equity firm Spire Capital. The financing will support a recapitalization of the company and the growth of Lighthouse’s UK operations. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Brian McManus, Chief Executive Officer of Lighthouse eDiscovery, said, “Ediscovery is the process by which electronic data is collected, secured, and searched prior to being submitted as evidence in litigation or by governmental request. We assist clients in their ediscovery process by minimizing the amount of digital files required to be reviewed prior to evidence submission. This financing will help advance our financial objectives and facilitate the growth of our UK office, a key part of our strategy. CIT’s experience in financing technology companies proved helpful throughout the transaction process, and we look forward to working with CIT again.”
Andrew Armstrong, Partner, Spire Capital, said, “Spire Capital’s relationship with CIT goes back almost 20 years. We are pleased to add another successful transaction to the list of financings on which we have partnered with CIT. Favorable industry trends in the ediscovery sector, including the growing amount of electronically stored information and the increasing volume of corporate regulation and litigation, present opportunities for Lighthouse, and this financing will help support Lighthouse as it continues to grow its client roster, product offering and geographic footprint.”
Tom Westdyk, Group Head and Managing Director, CIT Communications & Technology Finance, said, “Lighthouse is a leader in enterprise-focused, technology-enabled ediscovery and competes favorably against larger, less flexible organizations and small, regional providers. We are glad that we were able to work with Lighthouse for the first time, and again with Spire Capital, to bring our financial expertise to bear on this growing sector of the technology market.”
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About Lighthouse eDiscovery
Founded in 1995, Lighthouse eDiscovery, Inc. is a provider of technology-enabled ediscovery services in the United States and Europe. Lighthouse guides large corporate enterprise and law firm clients through every aspect of ediscovery, from the simplest projects to the most complex matters. The company’s experienced, dedicated client teams deliver with high velocity, unparalleled quality, and a pragmatic focus on lowering overall ediscovery costs. lhediscovery.com
About Spire Capital Partners
Founded in 2000, Spire Capital is an active and experienced private equity firm with an investment focus on lead and control investments in companies within the business services, information services, media, education and communications sectors. Spire Capital leads buyout investments in its areas of expertise and believes its deep industry experience and network of relationships are invaluable in helping its portfolio companies to grow and create value. Spire Capital is investing out of its third fund and has managed over $900 million in private equity commitments since its founding. Spire Capital is a New York-based investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940. spirecapital.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 a wide variety of 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