CIT Group has provided a senior secured credit facility to support the acquisition by Odyssey Investment Partners of Cross Country Pipeline Supply Co. CIT Corporate Finance served as Sole Lead Arranger for the transaction.
“This is our seventh transaction with Odyssey Investment Partners in the last two years,” said Tom Hobbis, Managing Director and Co-Head of CIT Sponsor Finance. “Although we’ve led deals with Odyssey in the past, this transaction represents our first lead asset-based lending deal in the energy sector with the firm. This transaction further highlights our ability to provide financing to middle market and private equity clients.”
Cross Country provides equipment to the domestic pipeline construction industry for rent and sale. The company’s customers are typically pipeline contractors engaged by energy companies to construct new pipelines or to retrofit or repair existing lines. Cross Country also sells consumable parts and supplies. The company is based in Aurora, CO (www.ccpipeline.com).
“The outlook for the construction of new natural gas, oil and natural gas liquid pipelines, driven in large part by shale production, is highly bullish, suggesting a robust market opportunity for Cross Country Pipeline. The company is well positioned to capitalize on the growth of the market, and we will leverage the company’s market position and reputation to expand its geographic footprint, customer base and service offerings,” said Stephen Berger, Chairman of Odyssey Investment Partners. “We continue to partner with CIT because of their deep industry knowledge, their extensive due diligence and their speed of execution.”
Odyssey Investment Partners is a middle-market private equity firm with more than $3 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 has offices in New York and Woodland Hills, CA (www.odysseyinvestment.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 • 7-29-13
