CIT Group announced it served as joint lead arranger in a $225 million senior secured credit facility for Clearlake Capital Group, a private investment firm, to acquire AmQuip Crane Rental, one of the largest lifting solutions businesses in the U.S.
CIT Corporate Finance served as joint lead arranger and syndication agent for the transaction. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.
“We’re pleased to finance Clearlake Capital’s acquisition of AmQuip Crane Rental, a company that has been a customer of CIT for more than seven years,” said Eric Toizer, managing director, CIT Sponsor Finance. “As one of the leading crane rental businesses in the United States, AmQuip will serve as an important addition to Clearlake Capital’s growing portfolio. Our deep relationship with AmQuip and industry expertise were critical to completing this transaction. We look forward to growing this new relationship with Clearlake Capital as they continue to expand.”
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