CIT Provides Acquisition Financing to TA Associates



CIT said it was one of the providers of a senior secured credit facility to TA Associates, a middle-market private equity firm, to facilitate its acquisition of CoSentry, an Omaha-based provider of outsourced IT infrastructure services.

CIT Communications, Media & Entertainment served as documentation agent for the transaction. Financing was provided by CIT Bank, a wholly owned subsidiary of CIT. Terms of the transaction were not disclosed.

“This transaction highlights CIT’s expertise in the IT infrastructure market and our long-term support and commitment to private equity firms in the middle market,” said Joseph E. Junda, senior director of CIT Communications, Media & Entertainment. “We look forward to continuing our relationship with TA Associates.”

Harry D. Taylor, a principal at TA Associates, said, “We are pleased to have completed this transaction and add CoSentry to our growing portfolio of middle market companies. We appreciated the industry expertise CIT provided and look forward to working with them in the future.”

Michael Steffan, president and CEO of CoSentry, said, “Quality partners like TA Associates and CIT provide foundational strength to our growth strategy. Cloud computing and IT outsourcing in general have solid potential and our ability to capitalize on the unique strengths of our services require the type of financial and strategic contributions TA and CIT provide.”


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