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CIT Provides Financing to Audax Group’s Acquisition of Wheel Pros

August 21, 2014, 08:04 AM
Filed Under: Distribution

CIT Group Inc.  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,” 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.”

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.

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.

Founded in 2000, CIT Bank is the U.S. commercial bank subsidiary of CIT Group Inc. It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank offers a variety of savings options designed to help customers achieve their financial goals.

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