This acquisition expands Winchester’s product line to include hermetic capabilities and strengthens its presence in the Military and Aerospace, Test and Measurement, and Medical end-markets. We’re pleased we could continue to build our relationship with Audax by helping them grow Winchester.
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 Lead Arranger and Administrative Agent for a senior secured credit facility for Winchester Electronics Corp. (Winchester), a portfolio company of Audax Private Equity, to acquire SRI Hermetics (SRI), a manufacturer of specialty hermetic connectors and electronic packaging solutions. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction demonstrates our firm’s strong support and deep relationship with Audax,” said Tom Hobbis, Co-Head and Managing Director of CIT Sponsor Finance.
Jay Baldinelli, Managing Director of CIT Sponsor Finance, said, “This acquisition expands Winchester’s product line to include hermetic capabilities and strengthens its presence in the Military and Aerospace, Test and Measurement, and Medical end-markets. We’re pleased we could continue to build our relationship with Audax by helping them grow Winchester.”
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About Winchester Electronics
Winchester Electronics, established in 1941, is a leader in the design, development, and deployment of interconnect technology. Winchester designs and manufactures a wide variety of PCB, RF, Power and Fiber Optic connectors, as well as value-added cable and electromechanical assemblies to customers in the broadcast, computer, energy and power management, medical, industrial, high-end military and commercial aviation, semiconductor, and telecom industries.winchesterelectronics.com
About Audax Group
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. audaxgroup.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of December 31, 2014, it had approximately $16 billion of deposits and more than $21 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
Matt Klein, 973-597-2020
Vice President, Media Relations