CIT Provides Acquisition Financing to Altamont Capital Partners and Douglas Products
05 August 2015 - 10:30PM
Business Wire
- Altamont Capital and Douglas Products
to Acquire Dow AgroSciences’ Vikane and ProFume Lines of
Business
- Vikane and ProFume Hold Leading
Positions in the U.S. Fumigation Industry
CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Sponsor Finance provided senior secured credit financing to
Altamont Capital Partners (ACP) and Douglas Products, LLC (Douglas)
to acquire the Vikane and ProFume businesses from Dow AgroSciences
(a subsidiary of The Dow Chemical Company). ACP is a San Francisco
Bay area private equity firm focused on middle market businesses
and partnering with leading management teams to help them reach
their full potential. Douglas is a leading manufacturer and
distributor of specialty chemical products for pest management,
thermal fluids and sanitary sewer applications. Financing for CIT
was provided by CIT Bank, the U.S. commercial bank subsidiary of
CIT. Terms of the transaction were not disclosed.
Vikane is used as a
structural fumigant insecticide to control
drywood termites, particularly in warm-weather portions of the
southwestern and southeastern United States and in Hawaii. ProFume
is used as a post-harvest fumigant for dry fruits, nuts, and
grains. As part of an operating service agreement, Dow will
continue to run the facility while Douglas will be responsible for
all other business operations.
Bill Fuller, CEO of Douglas Products, said, “The acquisition of
the Vikane and ProFume businesses is a great strategic fit for our
company as the products expand our presence in both structural pest
control and post-harvest commodity fumigation markets. This
financing provides us the opportunity to continue building our
platform for growth.”
Randall Eason, Managing Director of Altamont, said, “Douglas has
built an impressive business and we believe Vikane and ProFume are
great additions. We are excited to partner with their management
team to consummate this transaction, and continue to develop
Douglas into a leading specialty chemicals platform. CIT was a
strong financial partner for us in this transaction.”
Jeff Kilrea, Group Head and Managing Director of CIT Sponsor
Finance, said, “This acquisition financing highlights Altamont’s
commitment to growing its portfolio of companies as Douglas’
experienced management team looks to capitalize on the opportunity
to build a leading specialty chemicals platform.”
Eric Toizer, Managing Director of CIT Sponsor Finance, said,
“The relationship with Dow and Douglas provides customers with the
comfort that the products will be produced in the same facility
going forward, combined with Douglas’ outstanding management and
customer service. We’re pleased to put our knowledge to work on
behalf of ACP and look forward to helping Douglas grow its
platform.”
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About Douglas Products
Headquartered in Liberty, Missouri, Douglas Products was
founded in 1916 and has grown into a leading manufacturer and
distributor of specialty chemical products for pest management,
thermal fluids, and sanitary sewer
applications. Douglas has developed a long-standing
industry reputation for quality products, customer service, and
customized solutions. douglasproducts.com
About Altamont Capital Partners
Altamont Capital Partners (ACP) is a private equity firm based
in the San Francisco Bay Area with over $1
billion in capital under management. ACP is focused on
investing in middle market businesses and partnering with leading
management teams to help them reach their full potential. The
firm's principals have significant experience building business
success stories across a range of industries and transaction types.
altamontcapital.com
About CIT
Founded in 1908, CIT (NYSE: CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing and advisory services
principally to middle market companies across more than 30
industries primarily in North America, and equipment financing
and leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:C. Curtis Ritter, 973-740-5390Senior
Vice President of Corporate CommunicationsCurt.Ritter@cit.comorMatt
Klein, 973-597-2020Vice President, Media
RelationsMatt.Klein@cit.comorCIT INVESTOR RELATIONS:Barbara
Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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