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CIT Arranges $165.5MM Facility for The Jordan Company’s Acquisition of DiversiTech

August 10, 2015, 08:25 AM
Filed Under: Manufacturing

CIT Group announced that it provided a $165.5 million senior secured credit facility to The Jordan Company, a middle market private equity firm, to support its acquisition of DiversiTech, a manufacturer and distributor of a wide range of engineered components critical in the repair, maintenance, replacement, and installation of residential and light commercial Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) systems.

CIT Sponsor Finance served as Joint Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“Throughout our history, Jordan has partnered with industry-leading platforms led by talented management teams. In DiversiTech, we are acquiring a world-class platform and are excited to support management to aggressively execute on a highly targeted acquisition and organic growth strategy,” said Ian Arons, Partner of The Jordan Company. “As they have done before, CIT quickly understood the strategic rationale for this acquisition and worked with us to put in place a comprehensive, flexible, and competitive financing structure.”

Tom Hobbis, Managing Director of CIT Sponsor Finance, said, “CIT has worked with The Jordan Company on several transactions to date, and we are glad to be able to continue to build our relationship by financing their acquisition of DiversiTech. Both CIT and The Jordan Company understand the value of middle market companies, the important role they have in driving growth, and their unique requirements, including those for financing.”

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