CIT Group has arranged and syndicated a $199 million senior secured credit facility to support the recapitalization of BarrierSafe Solutions International in conjunction with its acquisition of ONGUARD Industries. BarrierSafe is a portfolio company of Odyssey Investment Partners.
“CIT proactively presented us opportunities to enhance our financing structure and continues to be a reliable lending relationship for Odyssey and BarrierSafe,” said Brian Zaumeyer, a Principal of Odyssey Investment Partners.
CIT Healthcare served as Joint Lead Arranger, Administrative Agent and Co-Bookrunner for the transaction. Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT.
“We are delighted to continue our support of Odyssey and BarrierSafe in this successful recapitalization,” said Steve Warden, President of CIT Healthcare. “As we extend beyond the five-year anniversary of our relationship, BarrierSafe has consistently delivered on their growth objectives and built a best-in-class global platform.”
ONGUARD Industries engages in the manufacture and supply of protective footwear and clothing products. Products include plain and steel toe boots for poultry and seafood processing markets, agricultural and decontamination applications, general purpose cold weather, and waterproof protection in cold weather industries; chemical, rubber, and PVC overshoes; chest waders; children’s boots; hazmat boot covers; kneeboots; and strappers. ONGUARD Industries was founded in 1939 and is based in Havre de Grace, MD (www.onguardindustries.com).
BarrierSafe designs, develops and markets disposable gloves, protective footwear, and other safety related products. Brands include Microflex, High Five, and Onguard. The company is based in Lake Forest, IL (www.barriersafe.com).
“CIT has continued to support our financing needs as we expand and diversify. By ensuring we were equipped with a growth-friendly capital structure, CIT enabled us to execute upon our strategic objectives with confidence,” said Mike Mattos, CEO of BarrierSafe.
Odyssey Investment Partners is a middle-market private equity fund with more than $2 billion under management. Odyssey makes control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products, and localized and route-based service businesses. The firm is headquartered in New York (www.odysseyinvestment.com).
CIT is a bank holding company with more than $33 billion in assets. Sectors of interest include small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT was founded in 1908 and is based in New York (www.cit.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 1-9-13
