CIT Serves as Sole Lead Arranger for $52 Million Financing to North American RescueThursday, November 10, 2016 08:30 AM
The unique expertise of the NAR management team, the niche product suite and the strong support from Blue Wolf make this an exceptional opportunity for CIT. We look forward to supporting NAR’s continued growth and to working with Blue Wolf again.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Aerospace, Defense & Government Finance served as sole lead arranger in a $52 million senior secured credit facility to North American Rescue, LLC (NAR), the premier provider of survivability and casualty care medical products to the U.S. Military, Law Enforcement and Civilian First Responder markets. NAR is a portfolio company of an affiliate of Blue Wolf Capital Partners LLC (Blue Wolf), a private equity firm that specializes in responsibly transforming middle market companies. The financing will be used to refinance existing credit facilities and to provide working capital. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Bob Castellani, Founder and Chief Executive Officer of NAR, said, “Having served for 10 years as an Air Force Para-rescue specialist, with four of those spent serving in the Joint Special Operations Command, I have experience with the value and critical nature of NAR’s products. Our products make a life-saving difference to people serving in harm’s way. I appreciate CIT’s expertise in the sector, their appreciation of our business and their desire to help us continue to expand our life-saving mission.”
Burt Feinberg, Managing Director and Group Head, CIT Commercial & Industrial, said, “We’re pleased we could leverage our defense industry expertise, our Capital Markets distribution capabilities and our industry leading treasury management products to provide a comprehensive financing solution to North American Rescue.”
John Donohue, Director, CIT Aerospace, Defense & Government Finance, said, “The unique expertise of the NAR management team, the niche product suite and the strong support from Blue Wolf make this an exceptional opportunity for CIT. We look forward to supporting NAR’s continued growth and to working with Blue Wolf again.”
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About North American Rescue, LLC
Founded in 1996, Greenville, SC-based North American Rescue, LLC is dedicated to providing mission enabling equipment to prehospital life-savers to decrease preventable deaths and reduce adverse effects of casualties in austere environments by identifying, integrating, and implementing effective casualty care solutions developed by leading academic institutions, experienced subject matter experts and like-minded companies. narescue.com
About Blue Wolf Capital Partners LLC
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. bluewolfcapital.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
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