In an announcement, CIT Group Inc, one of the leading providers of financing and advisory services for small businesses and middle market firms, said it would be one of the co-lead arrangers for senior secured credit facility for TruckPro. The credit facility would be worth USD194.5 million to provide one of the largest independent distributors of spare parts for trucks in the United States finance its purchase and takeover of CCI Corporation.
TruckPro is a portfolio firm of Harvest Partners, a middle market hedge fund. The said acquisition of CCI Corporation by TruckPro would be done through the financial services expertise of CIT Bank, a subsidiary institution of the CIT Group. The full terms of the acquisition was not disclosed.
According to TruckPro CEO and Chairman Steve Riordan, "The addition of CCI to TruckPro's existing business positions (as) TruckPro as(sic) a leading truck and trailer products and advanced repair services in North America."
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