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CIT Arranges $18MM Financing for Technology Consulting and Services Firm

September 25, 2019, 07:20 AM
Related: CIT Group, Technology

CIT Group Inc. announced its Technology, Media and Telecommunications business arranged an $18 million financing package for Denovo Ventures LLC.

Denovo, a provider of managed IT services and enterprise resource planning (ERP) consulting expertise for the mid to large enterprise market across North America, will use the proceeds to refinance existing debt and provide working capital for future growth. Denovo is a portfolio company of M/C Partners.

“We were impressed by CIT's agility and expertise in arranging this financing, which will assist Denovo in accelerating our growth,” said David MacGrandle, Chief Financial Officer for Denovo. “We look forward to continuing to build our business.”

“We've supported Denovo through multiple acquisitions and are excited to welcome additional financing that will set the stage for the company's continued evolution,” said Gillis Cashman, Managing Partner of M/C Partners.

“We worked closely with Denovo and M/C Partners to understand their needs and are pleased to arrange the financing that will support their continuing operations and development,” said Thomas Westdyk, Managing Director and Group Head for CIT's Technology, Media and Telecommunications unit.

CIT is also providing a package of treasury management solutions in connection with the financing.

CIT's Technology, Media and Telecommunications unit, part of the Commercial Finance division, provides cash flow and asset based senior debt for communications, media and technology companies in the middle market throughout the United States.

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