CIT Group Inc. has announced it provided $295M in senior secured financing to Advent International to support its control investment in Hudson Group.
“This financing allowed Advent International to acquire a controlling interest in the premier airport retailer in North America and complete its 10th investment within the airport retail and concession sector,” said Peter White, managing director of sponsor finance for CIT Investment Banking Services. “Hudson Group’s industry-leading position and Advent International’s unparalleled experience in the sector proved invaluable in allowing CIT to syndicate the loan in a difficult environment for leveraged loans.”
David Mussafer, managing partner at Advent International, said, “CIT’s ability to find the right solution and execute in this market shows tremendous dedication and breadth of experience. We could not be more pleased with the effort and commitment CIT exemplified on this transaction allowing Advent International to extend its leading position in the airport retail and concession sector.”