First Citizens Bank announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $40 million in financing for Tronair, a leader in the manufacturing of ground support equipment, aftermarket replacement parts and services for the global aviation market.
Founded in 1971 and headquartered in Swanton, Ohio, Tronair is a leading supplier of ground support equipment for business jet, commercial and military aircraft.
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“Demand for aerospace products and services is strong across our markets,” said Paul Schwarzbaum, CEO of Tronair. “We appreciated the expertise of the CIT Northbridge team in providing financing as we continue to support our customers.”
“Tronair has a long and distinguished history of providing outstanding aerospace products and services and we were pleased to work closely to understand their needs and provide this credit facility to support their business objectives,” said Neal Legan, who leads the team that advises CIT Northbridge.
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CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
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