CIT Group has provided a senior secured credit facility to United Recovery Systems, a provider of third-party contingency debt collection services owned by Audax Group. The financing was provided by CIT to facilitate the acquisition of Enterprise Recovery Systems, a provider of collection services.
“We are pleased to have arranged this financing that supports United Recovery Systems’ acquisition of Enterprise Recovery Systems,” said Jay Baldinelli, Managing Director, CIT Sponsor Finance. “This transaction underscores CIT’s commitment to provide financing to our middle market and private equity clients to help them grow and expand their businesses.” CIT Commercial & Industrial served as Sole Lead Arranger and Administrative Agent for the financing.
Enterprise Recovery Systems is a provider of debt collection services with offices in Oak Brook, IL and Covington, KT. The company’s customers include post-secondary education providers, student loan guarantee agencies, and the Department of Education (www.ersinc.com).
“CIT’s in-depth market knowledge was instrumental in our decision making process and we look forward to continuing to build our relationship with CIT as we execute on future acquisitions,” said Mark Cordes, Managing Director of Audax Group.
United Recovery Systems provides accounts receivable management services to the nation’s leading credit grantors. The company is headquartered in Houston, TX with offices in Tulsa, OK; Monterrey, Mexico; Tempe, AZ; and Bryan, TX (www.unitedrecoverysystems.com).
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace and defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, MA and New York, NY (www.audaxgroup.com).
CIT is a bank holding company with more than $34 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 based in New York, NY (www.cit.com).