NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading
global commercial finance company, today announced that it provided
financing to Castle Harlan, a
New York based private equity investment firm, for the acquisition of Anchor
Drilling Fluids USA, Inc., the nation's largest independent provider
of drilling fluids and fluid-handling services for onshore oil and gas
drilling.
CIT
Energy acted as a Co-Syndication Agent in the $119.5 million senior
secured credit facility for Castle Harlan and provided $20 million in
revolver and term loan financing.
“The financing for Anchor Drilling Fluids’
acquisition continues our long-term commitment to the Oilfield Services
sector,” said Peter
Gaw, President of CIT Energy. “Oilfield
service is a priority area for CIT and we are proud to use our extensive
capabilities to help Castle Harlan strengthen their energy portfolio.”
William Pruellage, Castle Harlan Managing Director, said, “CIT’s
responsiveness and depth of industry knowledge was a significant asset
in this acquisition. Their strong advisory offering makes them a
valuable partner in middle market energy financing.”
Individuals interested in receiving future updates on CIT via e-mail can
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In addition, individuals can access 5 Minute Capital, a
series of five-minute podcasts featuring senior CIT
executives commenting on current market conditions, investment
trends, and future growth opportunities in the middle market. Recent
episodes feature Peter Gaw, President of CIT Energy.
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests in the
buyout and development of middle-market companies in North America,
Europe and, together with CHAMP Private Equity, Australasia. Since
inception, Castle Harlan companies, representing over $9 billion in
enterprise value. Anchor is Castle Harlan’s 49th
acquisition. Castle Harlan’s operating
companies, which employ more than 42,000 people, include AmeriCast
Technologies, a leading designer and manufacturer of large, complex
steel castings used in mining trucks, locomotives and energy equipment;
Ames True Temper, a leading manufacturer of lawn and garden tools and
accessories; and Baker & Taylor, the leading global distributor of books
and entertainment products to libraries and retailers.
About CIT Energy
CIT Energy is leading provider of value added financing and advisory
products and services to higher growth, entrepreneurial companies
throughout the energy sector. It covers the full value chain including:
Exploration & Production, Oilfield Services, Midstream, Power, Energy
Technologies and Metal & Mining. By combining extensive industry
experience, structuring expertise and underwriting capacity, CIT Energy
provides comprehensive solutions to our clients most critical strategic
and funding needs.
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $80 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
