CIT Arranges Financing for SK Capital Investment in VanDeMark Chemical

Rhea-AI Summary

CIT, a division of First Citizens Bank, has arranged debt financing to support SK Capital Partners' investment in VanDeMark Chemical, in collaboration with existing co-owner Comvest Partners. The financing was supported by participation from HSBC, Siemens, and Israel Discount Bank. VanDeMark, based in Lockport, N.Y., specializes in high-end specialty chemical intermediates across diverse markets including life sciences and electronics. CIT Sponsor Finance provides senior financing for middle-market private equity firms, enhancing its role in private equity transactions.

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• CIT arranged significant debt financing for SK Capital's investment in VanDeMark Chemical, indicating strong business partnerships.
• CIT's involvement with major banks like HSBC and Siemens positions it favorably in the financial sector.

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• None.

NEW YORK, Sept. 14, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Sponsor Finance business served as lead arranger of debt financing to support SK Capital Partners' investment in VanDeMark Chemical in partnership with existing co-owner Comvest Partners.

HSBC, Siemens and Israel Discount Bank also participated in the club financing.

Headquartered in Lockport, N.Y., with a facility in Kazincbarcika, Hungary, VanDeMark is recognized as a worldwide leader in the production of high-end specialty chemical intermediates and derivatives for a diverse set of end markets including life sciences, electronics, polymers, coatings, personal care, and flavor & fragrances. Comvest will remain a co-owner in the company.

"CIT Sponsor Finance worked with SK Capital to fully understand the needs of the company and was pleased to arrange this financing in support of their investment in VanDeMark Chemical," said Kenneth Caffrey, managing director of CIT Sponsor Finance.

CIT Sponsor Finance provides senior financing to middle market private equity firms and their portfolio companies across a variety of industries. The bank supports private equity transactions including leveraged buyouts, add-on acquisitions, growth capital and recapitalizations.

About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What financing did CIT arrange for SK Capital's investment in VanDeMark Chemical?

CIT arranged debt financing to support SK Capital Partners' investment in VanDeMark Chemical.

Which banks participated in the financing for SK Capital's investment?

HSBC, Siemens, and Israel Discount Bank participated in the club financing.

What is VanDeMark Chemical known for?

VanDeMark Chemical is recognized for producing high-end specialty chemical intermediates and derivatives for various markets.

What is the significance of CIT's role in private equity?

CIT provides senior financing to middle market private equity firms, facilitating leveraged buyouts and growth capital.

How does First Citizens Bank support its commercial banking segment?

First Citizens Bank offers a wide array of best-in-class lending, leasing, and banking services to middle-market companies and small businesses.