NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of principal lending and leasing services, today announced that CIT Healthcare Finance served as Joint Lead Arranger in a $135 million senior secured credit facility to support Arlington Capital Partners’ (Arlington Capital) acquisition of Avalign Technologies (Avalign). Arlington Capital is a Washington, D.C.-based private equity firm. Headquartered in Lake Forest, IL, Avalign is a premier, full-service, precision manufacturer of implants and instruments, specialty instrumentation, cutting tools, and cases and trays to orthopedic medical device and specialty surgical markets. Financing was provided by CIT Bank, the principal bank subsidiary of CIT.
Matt Altman, a Partner at Arlington Capital, said, “Avalign is an established leader in the large and growing orthopedic precision manufacturing market. Recognized across the industry for its superior engineering and manufacturing capabilities, Avalign provides significant value to its OEM partners through design improvement, speed to market acceleration and cost reductions. We look forward to partnering with the highly talented Avalign management team to support the Company through its next phase of growth.”
Forrest Whittaker, CEO of Avalign, said, “We are extremely pleased to be partnering with Arlington Capital. Avalign is committed to improving patient outcomes by providing best-in-class medical devices through our industry leading end-to-end capabilities. We believe that Arlington Capital, which has deep expertise and an impressive track record in healthcare and precision manufacturing, is the ideal partner to help us achieve our goals. We would also like to thank RoundTable Healthcare Partners for all of their support and partnership to date.”
William Douglass, Group Head and Managing Director of CIT Healthcare Finance, said, “We’re pleased to lead this transaction as we put our knowledge and extensive expertise in the medical device manufacturing space to work for Arlington. Avalign is focused on serving the growing $36 billion global orthopedic market, serving OEM customers who supply highly demanded technologies to the industry’s fastest growing end-markets, including extremities, sports medicine and trauma.”
Tom Hobbis, Managing Director of CIT Sponsor Finance, said, “Avalign is an established leader in the orthopedic precision manufacturing market and a strong addition to Arlington’s growing portfolio of top tier companies. We’re pleased to play a role in the growth of these two companies and look to continue building on these relationships.”
CIT thought leadership content can be found at View from the Middle™ (cit.com/viewfromthemiddle) and our CIT Point of View blog (cit.com/pov). View our corporate video (cit.com/corporatevideo) and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.com/newsalerts.
About Avalign Technologies
Avalign Technologies is the premier, full-service supplier of implants and instruments, specialty instrumentation, cutting tools, and cases and trays for the orthopedic medical device and specialty surgical markets. Avalign offers its OEM partners a broad portfolio of manufacturing solutions and extensive engineering design, development and project management capabilities from concept to launch. Avalign has an established reputation for consistent and sophisticated quality systems, flexible capacity capabilities and superior customer service. avaligntech.com
About Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C.-based private equity firm that has managed $1.5 billion of committed capital via three investment funds, focused on middle market investment opportunities in growth industries including: healthcare services, aerospace/defense, government services, and outsourced business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enables Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field. arlingtoncap.com
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com