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CIT Provides Equipment Finance Line to BAUER-Pileco

January 17, 2013, 07:25 AM
Filed Under: Industry News

CIT Group announced that it has provided an equipment based revolving line of credit to BAUER-Pileco, Inc., a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER AG). Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT.  Terms of the transaction were not disclosed.

“This deal underscores our expertise and ability to complete complex financing transactions in the equipment financing market,” says Vince Belcastro, Managing Director and Group Head of CIT Capital Equipment Finance. “This transaction will allow BAUER AG’s U.S. subsidiary to acquire manufactured foundation drilling rigs and other related equipment from its parent/manufacturer for use by BAUER customers throughout the U.S. and Canada.”

Thomas L. Jarboe, Chief Financial Officer of BAUER-Pileco, says, “The deal had heightened complexity due to its lease structure and its fleet rental nature, coupled with the accounting and legal issues inherent in a multi-national firm’s financing of equipment in multiple countries. Closing the transaction required extensive work in Germany and Canada, as well as in the U.S. We look forward to continuing our relationship with CIT.”

BAUER-Pileco, Inc., is a U.S. subsidiary of BAUER Aktiengesellschaft (BAUER AG). BAUER-Pileco is a leading global provider of foundation equipment and support to the foundation construction industry. BAUER-Pileco has offices and a dealer network with locations throughout the United States. Recognized for its technological advances and innovation, BAUER-Pileco represents BAUER Maschinen across North and Central America. Founded in 1790 and headquartered in Bavaria, Germany, the stock-market listed holding company BAUER AG is the parent of more than 110 subsidiary businesses in the fields of construction, equipment manufacturing and rental, and resources, employing 9,700 people in more than 70 countries.

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