We are pleased to have completed this transaction and add CoSentry to our growing portfolio of middle market companies. We appreciated the industry expertise CIT provided and look forward to working with them in the future.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced that it was one of the providers of a senior secured credit facility to TA Associates, a leading middle market private equity firm, to facilitate its acquisition of CoSentry, an Omaha-based provider of outsourced IT infrastructure services.
CIT Communications, Media & Entertainment served as Documentation Agent for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction highlights CIT’s expertise in the IT infrastructure market and our long-term support and commitment to private equity firms in the middle market,” said Joseph E. Junda, Senior Director of CIT Communications, Media & Entertainment. “We look forward to continuing our relationship with TA Associates.”
Harry D. Taylor, a Principal at TA Associates, said, “We are pleased to have completed this transaction and add CoSentry to our growing portfolio of middle market companies. We appreciated the industry expertise CIT provided and look forward to working with them in the future.”
Michael Steffan, President and CEO of CoSentry, said, “Quality partners like TA Associates and CIT provide foundational strength to our growth strategy. Cloud computing and IT outsourcing in general have solid potential and our ability to capitalize on the unique strengths of our services require the type of financial and strategic contributions TA and CIT provide.”
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About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced middle market growth private equity firms. The firm has invested in over 400 companies globally and has raised more than $16 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. ta.com
CoSentry serves as a one source provider of data center, cloud computing and managed technical services. For over 10 years, CoSentry has been helping clients create and protect technology platforms to compete in today’s ALWAYS ON business environment. Business leaders depend on CoSentry’s world-class capabilities including collocation, virtual server and storage platforms, high-capacity internet and technical help desk services to keep their businesses running – no matter what. CoSentry has facilities in Kansas City, MO, Sioux Falls, SD, Papillion, NE and Omaha, NE. cosentry.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including Commercial Real Estate, Communications, Energy, Entertainment, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports and Gaming. cit.com/corporatefinance
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. cit.com