CIT Group has provided a $96 million senior secured credit facility to Harvest Partners to support its refinancing of TruckPro, a distributor of aftermarket parts and accessories for heavy duty vehicles. Harvest Partners acquired TruckPro in November 2011.
“CIT played an integral role in our efforts to streamline TruckPro’s capital structure. CIT’s deep industry knowledge and their flexible and competitive financing structures, coupled with our long-standing relationship made them the perfect partner for this transaction,” said Chris Whalen, Managing Director at Harvest Partners.
TruckPro is a distributor of heavy duty truck & trailer products. Through a network of 65 locations in 17 states, TruckPro distributes a range of products in the areas of brake systems, engines, electrical, drivetrain, and suspension to its customer in the commercial and government sectors. The company was founded in 1952 and is based in Memphis (www.truckpro.com).
“We’re pleased to put our industry expertise to work for Harvest Partners,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction demonstrates our ability to provide innovative, cost effective debt solutions and further supports our clients’ growth objectives.”
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). The corporate finance group is part of CIT, a bank holding company with more than $35 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
Harvest Partners invests in management buyouts and growth financings. Sectors of interest include business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail. The firm was founded in 1981 and is based in New York (www.harvpart.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-2-13
