CIT Group has arranged a $210 million senior secured credit facility for The Jordan Company to support its refinancing of Haas Group International, a provider of chemical management services. The Jordan Company first invested in Haas Group International in 2006.
Haas Group International is a provider of chemical management services to the aerospace, automotive, electronics, metals, food and beverage and government sectors. Haas Group has 44 distribution centers in 22 countries with 750,000 square meters of temperature controlled warehousing space. The company is based in West Chester, PA (www.haasgroupintl.com).
“This transaction is a result of the long standing relationship we’ve built with The Jordan Company,” said Tom Hobbis, Co-Head and Managing Director of CIT Sponsor Finance. “This particular deal highlights our strength in the chemicals industry and our ability to close the transaction quickly and efficiently.”
CIT Corporate Finance served as Joint Lead Arranger and Joint Syndication Agent for this transaction and financing was provided by CIT Bank.
“There’s a growing trend towards utilizing outsourced chemical management services to manage the hard costs and liabilities associated with the use of chemicals and gases. This financing provides Haas with the financial capacity to continue leading the chemical management industry,” said Eion Hu, Senior Partner at The Jordan Company. “Having closed multiple transactions with CIT, it’s become clear they have deep industry expertise in the sectors they serve.”
The Jordan Company is a middle-market private equity firm with over $5 billion of assets under management. The firm was founded in 1982 and is headquartered in New York with additional offices in Chicago and Shanghai (www.thejordancompany.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 • 6-2-13