NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that it provided a $25 million senior secured credit facility to the Transilwrap Company, a leading manufacturer, converter and distributor of plastic film used in printing, laminating, packaging and industrial applications, to acquire MetPro Group, an Ireland-based packaging company. Transilwrap is a portfolio company of The Resolute Fund III, L.P., a private equity fund advised by The Jordan Company III, LP, a middle market private equity firm. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This is the first acquisition for the company since CIT arranged a $160 million senior secured credit facility for The Resolute Fund III, L.P.’s acquisition of Transilwrap last year,” said Tom Hobbis, Co-Head and Managing Director of CIT Sponsor Finance. “The acquisition of MetPro further diversifies Transilwrap’s portfolio by expanding its geographic footprint, product portfolio and end-market presence. We are proud to continue serving as a finance partner to Transilwrap and The Jordan Company and look forward to further building our relationship.”
Mike Denvir, Senior Partner of The Jordan Company, said, “Transilwrap’s broad portfolio of capabilities, strong market positions and deep management team make it an ideal platform in an attractive and growing industry. The acquisition of MetPro furthers Transilwrap’s strategy of expanding its presence in important global growth markets while enhancing its value-added product offering. Having worked with CIT for many years, we knew they would put their industry and capital markets expertise to work for us, supporting this key acquisition in a timely and efficient manner. We look forward to building on this relationship.”
Andy Brewer, President and CEO of Transilwrap, said, “We are excited to be partnering with MetPro’s innovative management team. We believe the combined global infrastructure and complementary capabilities in coating and converting technologies will allow both companies to better serve customers worldwide. CIT continues to be an important financing partner in support of our acquisition strategy. We are always impressed with their knowledge and professionalism.”
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About Transilwrap
Transilwrap Company Inc., is North America’s premier value-added converter of specialty film products, customizing plastic film structures to provide customers with film materials that meet the needs of each market application. Transilwrap provides specialized manufacturing and converting services including liquid and extrusion coating, select sheet extrusion, and a wide-range of precision converting including slitting, sheeting, magnetic striping, security and specialty printing. Transilwrap serves a diverse customer base for a wide range of end markets including Industrial, Packaging, Security ID, Office Products, Healthcare, Solar and Commercial Printing. Transilwrap is headquartered in Franklin Park, IL and operates eight manufacturing facilities and nine distribution centers throughout North America. For more information, email info@transilwrap.com. transilwrap.com
About The Jordan Company
The Jordan Company, founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 30-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai. thejordancompany.com
About MetPro
MetPro Group is a leading global developer of specialty films and foils used in both active and protective packaging. Through its proprietary technology, MetPro manufactures specialty film and foil packaging systems for the preservation and corrosion protection of high-value metal products for a broad range of industrial markets, including transportation, metals, machinery and equipment, chemical and pharmaceutical. MetPro Group operates sales, manufacturing and converting sites worldwide, including locations in Ireland, Scotland, Germany, France, India, Africa and North America. metprogroup.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
About CIT
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
