CIT Provides Financing to Audax Group to Acquire Wheel Pros
Represents Ninth Transaction with Audax in the Last 18 Months
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that it acted as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner for Credit Facilities supporting Audax Private Equity, a middle market private equity firm, in its acquisition of Wheel Pros, a leading national supplier, marketer and distributor of branded aftermarket wheels for light vehicles. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Having completed nine transactions with Audax in the last 18 months, we are pleased to provide this financing and support Audax in its acquisition of Wheel Pros”
“Having completed nine transactions with Audax in the last 18 months, we are pleased to provide this financing and support Audax in its acquisition of Wheel Pros,” said Tom Hobbis, Co-Head and Managing Director, CIT Sponsor Finance. “We are excited about the opportunities to continue to partner with Audax in the future.”
Jay Baldinelli, Managing Director, CIT Sponsor Finance, added, “Wheel Pros’ strong market position is built on its ownership and management of industry leading brands. The acquisition of Wheel Pros is a great addition to Audax’s portfolio of growth companies.”
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About Wheel Pros
Wheel Pros, headquartered in Denver, Colorado, designs, markets and distributes aftermarket wheels. The company also distributes performance tires and accessories. The company carries proprietary, leading brands that are recognized across all major vehicle segments and are sold through a national footprint of 25 distribution centers and internationally.
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 June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately $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