CIT Provides Financing for Odyssey Investment Partners’ Acquisition Of L-com, Inc.
CIT Commercial & Industrial Serves as Co-Lead Arranger and Joint Bookrunner
NEW YORK--(BUSINESS WIRE)-- CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, announced today that it provided a senior secured credit facility to Odyssey Investment Partners , a leading middle-market private equity firm, to support its acquisition of L-com, Inc ., a global designer and manufacturer of wired and wireless connectivity products.
CIT Commercial & Industrial served as Co-Lead Arranger and Joint Bookrunner for the transaction. Financing was provided by CIT Bank, a wholly-owned subsidiary of CIT. Terms of the transaction were not disclosed.
We are pleased to have arranged this financing that supports Odyssey Investment Partners acquisition of L-com, Inc., said Tom Hobbis , Managing Director, CIT Sponsor Finance. This transaction demonstrates our ability to support our clients growth objectives and our commitment to providing financial solutions to our middle market and private equity clients.
Brian Zaumeyer, a Principal at Odyssey Investment Partners, said, We have developed a strong partnership with CIT and are pleased to have completed another acquisition with the support of a great team that is able to deliver comprehensive financing solutions.
Ed Caselden, President and Chief Executive Officer of L-com, said, "We are delighted to partner with Odyssey Investment Partners to continue to provide our customers with the excellent service and innovative wired and wireless connectivity solutions they expect. At the same time, Odyssey's support will enable L-com to continue executing our growth strategy by expanding and accelerating the development of new products and pursuing acquisitions that will offer improved application performance in the broader connectivity market."
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L-com, a global designer and manufacturer of wired and wireless connectivity products, offers a wide range of solutions and unmatched customer service for a diverse set of end markets. The Company's product portfolio includes cable assemblies, connectors, adapters, industrial networking components, and custom connectivity products, as well as a broad line of wireless products. Trusted for more than 30 years, L-com, Inc. is headquartered in North Andover, Mass., and is ISO 9001: 2008-certified. l-com.com
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2.5 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. odysseyinvestment.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC) is wholly-owned subsidiary of CIT Group Inc. (NYSE: CIT). It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of June 30, 2012, it had over $7 billion of deposits and $10 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status. BankOnCIT.com
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its 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 also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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Source: CIT Group Inc. (CIT)Copyright Business Wire 2012