NEW YORK, June 5, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that it added a senior leader to its Sponsor Finance team in its Commercial Finance division responsible for pursuing new growth opportunities for financing middle-market private equity sponsor owned businesses. Thomas M. Affolter joins CIT as managing director for originations, with primary responsibility for expanding its existing sponsor coverage network.
"Focusing on asset growth is a priority for the Sponsor Finance business, and I am pleased to add Tom's significant experience in working with private equity sponsors on middle market executions," said Jeffrey Kilrea, managing director and group head for Sponsor Finance. "I'm confident Tom will be a valuable contributor as we aim to increase our assets and expand our coverage nationally."
Affolter joins CIT's Sponsor Finance team from Goldman Sachs' Specialty Lending Group in Chicago. Earlier in his 20-year finance career, Affolter was a partner at Victory Park Capital Advisors, as well as serving various roles at CapitalSource, Antares Capital Corporation and Heller Financial – all of which are providers of debt capital for private-equity sponsors.
CIT's Sponsor Finance group provides cash flow and asset based senior debt for private-equity backed transactions in the middle market throughout the United States. With commitments to companies owned by private equity sponsors across numerous industries, CIT is one of the largest providers of capital to middle market businesses.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.