CIT provides financing to Audax Group to acquire Wheel Pros
CIT Group acted as administrative agent, joint lead arranger and joint bookrunner for credit facilities supporting Audax Private Equity, a middle market private equity firm, in its acquisition of Wheel Pros.
Financing was provided by CIT Bank, the US commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“Having completed nine transactions with Audax in the last 18 months, we are pleased to provide this financing and support Audax in its acquisition of Wheel Pros,” says Tom Hobbis, co-head and managing director, CIT Sponsor Finance. “We are excited about the opportunities to continue to partner with Audax in the future.”
Jay Baldinelli, managing director, CIT Sponsor Finance, says: “Wheel Pros’ strong market position is built on its ownership and management of industry leading brands. The acquisition of Wheel Pros is a great addition to Audax’s portfolio of growth companies.”
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