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.
