Piper Jaffray and CIT Enter Into Strategic Relationship to Deliver Full Service Product Platform
July 19 2006 - 8:30AM
PR Newswire (US)
MINNEAPOLIS and NEW YORK, July 19 /PRNewswire-FirstCall/ -- Piper
Jaffray & Co., a leading middle-market investment bank, and CIT
Group Inc. (NYSE:CIT), a leading global provider of commercial and
consumer financial solutions, today announced a strategic
relationship to offer middle-market companies a comprehensive set
of financing solutions. Under the terms of the agreement, Piper
Jaffray will expand its existing investment banking capabilities to
include the complete range of debt solutions, including
senior-secured and unsecured debt, second lien facilities,
subordinated financings, and mezzanine loans. CIT, under this
agreement, will be able to provide its clients a broader range of
capital market solutions such as high yield, equity and
equity-linked offerings. Piper Jaffray and CIT each bring unique
expertise to the relationship. Piper Jaffray provides extensive
capital markets expertise and CIT provides comprehensive lending
and syndication expertise. Both companies share a focus on
middle-market clients and deep knowledge of growth sectors,
including alternative energy, business services, consumer,
healthcare, financial institutions, industrial growth and
technology. "This agreement enables us to provide a powerful set of
integrated solutions to our middle-market corporate and financial
sponsor clients across our industry sectors," said Thomas P.
Schnettler, head of Corporate and Institutional Services at Piper
Jaffray. "We also look forward to working with CIT to bring equity
and high yield financing to their substantial base of clients."
Rick Wolfert, CIT's vice chairman for Commercial Finance, said,
"Our strategic relationship with Piper Jaffray will enhance the
range of capital market solutions we currently offer our clients.
CIT's financing capabilities offer an excellent complement to Piper
Jaffray's capital markets expertise and the combination of the two
will provide middle-market companies with a greater variety of
financing solutions. We are already realizing the benefits of this
relationship and anticipate increased deal volume for both
companies as it continues to develop." The recently announced
acquisition of Laserscope by American Medical Systems highlights
the strength of the relationship between Piper Jaffray and CIT.
Piper Jaffray acted as the buy-side advisor and collaborated with
CIT on raising a financing package of $805 million for the
transaction that included senior debt, subordinated bridge and
convertible debt components. About CIT CIT Group Inc. (NYSE:CIT), a
leading commercial and consumer finance company, provides clients
with financing and leasing products and advisory services. Founded
in 1908, CIT has $68 billion in managed assets and possesses the
financial resources, industry expertise and product knowledge to
serve the needs of clients across approximately 30 industries
worldwide. CIT, a Fortune 500 company and a member of the S&P
500 Index, holds leading positions in vendor financing, factoring,
equipment and transportation financing, Small Business
Administration loans, and asset-based lending. With its global
headquarters in New York City, CIT has more than 7,000 employees in
locations throughout North America, Europe, Latin America, and the
Pacific Rim. http://www.cit.com/ About Piper Jaffray Piper Jaffray
& Co. is the chief operating subsidiary of Piper Jaffray
Companies (NYSE:PJC), a focused securities firm dedicated to
delivering superior financial advice, investment products and
transaction execution within selected sectors of the financial
services marketplace. The company currently operates through two
primary revenue-generating segments: Capital Markets and Private
Client Services. The sale of the company's Private Client Services
branch network, announced April 11, 2006, currently is pending. The
company's Capital Markets business generates revenue through two
groups, Corporate and Institutional Services and Public Finance
Services. Piper Jaffray & Co. has served corporations,
government and nonprofit entities, institutional investors and the
financial advisory needs of private individuals since 1895. With
headquarters in Minneapolis, Piper Jaffray has approximately 2,800
employees in 107 offices in 23 states across the country and in
London. For more information about Piper Jaffray, visit us online
at http://www.piperjaffray.com/ . Since 1895. Member SIPC and NYSE.
DATASOURCE: Piper Jaffray & Co. CONTACT: Investor Relations,
Jennifer A. Olson-Goude, +1-612-303-6277, or , or Media Relations,
Rob Litt, +1-612-303-8266, or , both of Piper Jaffray & Co.; or
Media Relations, C. Curtis Ritter, Director of External
Communications & Media Relations, +1-212-771-9603, or , or
Investor Relations, Valerie L. Gerard, Executive Vice President,
+1-973-422-3284, both of CIT Group Inc. Web site:
http://www.piperjaffray.com/ http://www.cit.com/
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