CIT Serves as Sole Lead Arranger and Administrative Agent for Audax Group's Acquisition of United Recovery Systems

NEW YORK & BOSTON – CIT Group Inc. (NYSE: CIT), a bank holding company, announced today that it served as sole lead arranger and administrative agent in a senior secured credit facility to support the acquisition of United Recovery Systems, L.P by Audax Group (Audax). Financing for the deal was arranged by CIT Commercial & Industrial through CIT Bank, a Utah state bank. Terms of the transaction were not disclosed.

"CIT was selected as the sole lead arranger for the URS transaction based on our industry knowledge and prior performance in financing investments for Audax," said Jay Baldinelli, Director, CIT Investment Banking Services. "The combined expertise of our Sponsor Finance and Commercial & Industrial business units allowed us to quickly arrange and deliver financing in light of the current market conditions."

Based in Houston, Texas, URS is a leading provider of third-party contingency debt collection services, specializing in the collection of early-stage pre-charge-off and post-charge-off receivables. With locations in Arizona, Oklahoma, Texas and Mexico, URS serves clients in the credit card, retail and auto loan industries.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said, "This was one of the few LBO transactions to close recently, given the challenges in the capital markets. CIT’s experience with financing middle market companies and their commitment to our relationship helped make this success possible."

About Audax Group
Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $4.3 billion of equity, mezzanine debt and senior loan capital. For more information visit the Audax Group website at, www.audaxgroup.com.

About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the S&P 500 and Fortune 500. www.cit.com