Industry News: Around the Industry
CIT Serves as Lead Arranger in Financing for Odyssey Investment Partners’ Acquisition of Cross Country Pipeline Supply Co.
CIT Group Inc. announced this week that it arranged a senior secured credit facility for Odyssey Investment Partners, a leading middle market private equity firm. The financing supports Odyssey’s acquisition of Aurora, Colorado-based Cross Country Pipeline Supply Co. (CCP), a leading provider of rental equipment and parts and supplies to the U.S. oil and gas pipeline construction and maintenance industry.
“This is our seventh transaction with Odyssey Investment Partners in the last two years,” said Tom Hobbis, Managing Director and Co-Head of CIT Sponsor Finance. “Although we’ve led deals with Odyssey in the past, this transaction represents our first lead asset-based lending deal in the energy sector with the firm. This deal further highlights our ability to provide financing to leading middle market and private equity clients. We are pleased to support Odyssey as they grow this business.”
Stephen Berger, Chairman of Odyssey Investment Partners, said, “The outlook for the construction of new natural gas, oil and natural gas liquid (NGL) pipelines, driven in large part by shale production, is highly bullish, suggesting a robust market opportunity for Cross Country Pipeline. CCP is well positioned to capitalize on the growth of the market, and we will leverage the company’s market position and reputation to expand its geographic footprint, customer base and service offerings. We continue to partner with CIT because of their deep industry knowledge, their extensive due diligence and their speed of execution.”
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