CIT Backs Centerbridge Portfolio Company Aquilex
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CIT Backs Centerbridge Portfolio Company Aquilex

CIT Group has provided a senior secured credit facility to Aquilex, the parent company of Aquilex HydroChem, a provider of industrial cleaning services. Aquilex is a portfolio company of Centerbridge Partners.

“This transaction reflects our continued ability to help Centerbridge and its portfolio of companies grow,” said Jim Conheeney, Managing Director, CIT Corporate Finance, Commercial & Industrial. “We’ve maintained a strong relationship with Centerbridge over the years and look forward to growing that relationship in the years to come.”

Aquilex HydroChem is a provider of industrial cleaning services to the petrochemical, refinery, power, and pulp and paper markets. Services include hydroblasting, industrial vacuuming, chemical cleaning and tank cleaning. The company is headquartered in Deer Park, TX (www.hydrochem.com).

CIT Corporate Finance served as Joint Lead Arranger and Joint Bookrunner for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.

“CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction, which provides Aquilex HydroChem additional resources to further expand its full suite of cleaning services to blue chip customers on a national scale,” said Kyle Cruz, Senior Managing Director at Centerbridge Partners.

Centerbridge Partners invests from $50 million to $300 million in US based leveraged buyouts and distressed securities. The firm has $20 billion of capital under management and is based in New York (www.centerbridge.com).

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).

© 2013 PEPD • Private Equity’s Leading News Magazine • 6-10-13

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