Funding for Gulf exploration

CIT Group, a global commercial finance company, today announced that it has arranged a $190 (£100 million) secured credit facility for Vision Logistics Holding, a US provider of transportation services to the domestic oil and natural gas industry.


CIT Group, a global commercial finance company, today announced that it has arranged a $190 (£100 million) secured credit facility for Vision Logistics Holding, a US provider of transportation services to the domestic oil and natural gas industry.

CIT Group, a global commercial finance company, today announced that it has arranged a $190 (£100 million) secured credit facility for Vision Logistics Holding, a US provider of transportation services to the domestic oil and natural gas industry. The company is a portfolio company of private equity investment firm Welsh, Carson, Anderson & Stowe.

The financing was provided allow the acquisition of the four operating businesses of Vision Logistics, and combine them to create a provider of transportation and logistics management solutions for oil and gas exploration and production activities in the Gulf of Mexico. The combination will create the largest oilfield-focused logistics business in the United States.

Cliff Strain, managing director of CIT Investment Banking Services, commented: “Our familiarity with both the company and the sponsor were instrumental in completing this transaction in a challenging financing market.”

He added: “In 2007, we served as co-lead arranger on Welsh Carson’s initial platform acquisition of a Vision subsidiary and this transaction highlights our continued success in supporting sponsors in their effort to build blue-chip businesses.”

CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

Related Topics