CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending, leasing and advisory services, today announced that it arranged a senior secured credit facility to support Levine Leichtman Capital Partners’ acquisition of Syntron Material Handling, LLC, a manufacturer of conveying and vibratory equipment used to load, transport and feed bulk materials.

CIT Corporate Finance served as Sole Lead Arranger and Administrative Agent for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We have a long standing relationship with Levine Leichtman, having most recently served as Joint Lead Arranger for its acquisition of Genova Diagnostics in December of 2013,” said Jeff Kilrea, Managing Director, Co-HeadCIT Sponsor Finance. “We’re pleased to continue to provide value to Levine Leichtman with our structuring expertise and middle market industry knowledge which spans the breadth of the firm’s portfolio and investment strategy.”

Ian Townsager, Director, CIT Sponsor Finance, added, “We provided a flexible financial solution to Levine Leichtman that fit a complex corporate carve out from a major public company. With leading market positions in the vibratory and conveyor equipment segments, Syntron is an extremely solid business.”

Lauren Leichtman, CEO of Levine Leichtman, said, “We believe Syntron has a strong market position and differentiates itself from competitors through quality and customer service. Through this acquisition, we can help realize efficiencies as well as capitalize on growth opportunities. Our prior experience with CIT gave us confidence this transaction would close quickly and smoothly. We continue to enjoy a strong relationship with CIT as a financing partner.”

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About Levine Leichtman Capital Partners

Levine Leichtman Capital Partners is a Los Angeles, California-based investment firm that manages approximately $7 billion of institutional investment capital through private equity partnerships, and various debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P.; Levine Leichtman Capital Partners SBIC Fund, L.P.; and Levine Leichtman Capital Partners Private Capital Solutions, L.P. Prior investments by Levine Leichtman Capital Partners include Santa Cruz Nutritionals, CiCi’s Pizza, Hackney Ladish, Jon Douglas Real Estate Group and Luminator Technology Group. llcp.com

About Syntron Material Handling

Headquartered in Tupelo, Mississippi, with operations in Changshu, China, and Salt Lake City, Utah, Syntron is a leading manufacturer of a diversified product line of conveyor and vibratory equipment used to load, transport and feed bulk materials. The Company’s products are sold to customers throughout the world in the mining, aggregates, packaging and food industries. By combining the strengths, capabilities and expertise earned over 100 years of service to its customers, Syntron is able to offer the broadest selection of material handling solutions available anywhere. The company’s brands — Syntron®, Link-Belt®, Roto-Shell™, Roto-Tube™ and Fluid-Bed — are recognized around the world for their history of exceptional performance and value in material handling and processing equipment. syntronmh.com

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of March 31, 2014, it had over $13 billion of deposits and more than $16.5 billion of assets. cit.com/CITBank

About CIT

Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com