NEW YORK, Sept. 24, 2019 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Technology, Media and Telecommunications business has arranged an $18 million financing package for Denovo Ventures LLC.
Denovo, a leading provider of managed IT services and enterprise resource planning (ERP) consulting expertise for the mid to large enterprise market across North America, will use the proceeds to refinance existing debt and provide working capital for future growth. Denovo is a portfolio company of M/C Partners.
"We were impressed by CIT's agility and expertise in arranging this financing, which will assist Denovo in accelerating our growth," said David MacGrandle, chief financial officer for Denovo. "We look forward to continuing to build our business."
"We've supported Denovo through multiple acquisitions and are excited to welcome additional financing that will set the stage for the company's continued evolution," said Gillis Cashman, managing partner of M/C Partners.
"We worked closely with Denovo and M/C Partners to understand their needs and are pleased to arrange the financing that will support their continuing operations and development," said Thomas Westdyk, managing director and group head for CIT's Technology, Media and Telecommunications unit.
CIT is also providing a package of treasury management solutions in connection with the financing.
CIT's Technology, Media and Telecommunications unit, part of the Commercial Finance division, provides cash flow and asset based senior debt for communications, media and technology companies in the middle market throughout the United States.
Established in 2003, Denovo Ventures, LLC is a full-service Enterprise Hosting/Cloud Computing, Application Managed Services, Managed Disaster Recovery and Professional Services firm with extensive expertise in designing, implementing and supporting enterprise software. Denovo has provided services to over 1,500 customers. Denovo delivers bundled solutions from their enterprise data centers located in the United States or through several public cloud environments.
Denovo is a proud Oracle Platinum Partner. Denovo's team of over 300 Oracle resources have a combined 3,600+ years of Oracle experience. This includes successfully completing JD Edwards, Oracle E-Business Suite, and Oracle ERP Cloud implementation projects for a wide variety of commercial and public-sector clients. The company is headquartered in Boulder, Colorado. For more information on who Denovo is, please visit our website at Denovo-us.com.
About M/C Partners
Based in Boston, M/C Partners is a private equity firm focused exclusively on the communications, information technology services and media sectors. The firm has invested over $2.2 billion of capital into nearly 100 companies, generally investing in companies with enterprise values of $25 million to $250 million. Related current and prior investments include Cavalier Telephone, Ensono, Everstream, Fusepoint, Denovo, ICG Communications, Involta, Lightower, NuVox, Thrive Networks and Zayo Group. The firm has strong institutional backing from the nation's leading pension funds and endowments as well as a long track record of success. For more information, visit www.mcpartners.com.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of June 30, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
SOURCE CIT Group Inc.