CIT Group, Inc.

CIT Group, Inc.

CIT Group, Inc.

Overview
Date Founded

2001

Headquarters

11 WEST 42ND STREET NEW YORK NY 10036

Type of Company

Public

Employees (Worldwide)

3,678

Industries

Retail & Commercial Banking
Holding Companies

Company Description

CIT was born in 1908 when Henry Ittleson found a new way to make financing available to businesses in St. Louis, Missouri. Soon CIT was forging paths across the country, into Canada and overseas. After 100 years, financing remains at the heart of the company. But time and experience have produced innovations unimagined a century ago. True to its pioneering legacy, CIT remains an agent of opportunity, providing new resources and fresh perspectives to over one million clients across thirty industries around the globe.

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Executives & Employees

Chief Executive Officer

President-Commercial Finance

President & Co-Head, Corporate Finance

Executive Vice President & Chief Financial Officer

Executive Vice President, General Counsel & Corporate Secretary

Chief Communications & Marketing Officer

Chief Technology Officer

Executive Vice President & Chief Compliance Officer

Executive Vice President & Chief Risk Officer

Chief Auditor & Executive Vice President

Board of Directors

Chief Executive Officer at CIT Group, Inc.

President & Chief Executive Officer at The Center for Creative Leadership

Co-Director of the Leadership Program on Law & Business at New York University - School of Law

Chief Executive Officer at GMAC Financial Services

Fund Advisor at Nuveen Tax Exempt Unit Trust Series 626

Chairwoman & Chief Executive Officer at Vanir Group of Cos., Inc.

Member, Board of Directors at CIT Group, Inc.

Managing Partner at Stone Advisors LP

President & Chief Executive Officer at Aviation Capital Group LLC

Former Partner at Deloitte & Touche LLP

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CIT Group, Inc.
Owners & Shareholders
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FPA uses a variety of sources of information to facilitate methods of analysis. In formulating investment strategies, they may consult with research analysts, specific broker-dealers, economists and others. The firm may also attend company presentations, participate in interviews and industry sponsored conferences and may also engage in discussions with management and others having business with the company or expertise in a particular industry. FPA's equity and fixed income styles are linked by a common fundamental value orientation. The firm provides management services primarily in a value investment style for the following products: Absolute Fixed Income, Contrarian Value, International Value, Small/Mid-Cap Absolute Value, US Value, and World Value. They may also develop other investment strategies from time to time and manage portfolios according to a client's specific investment guidelines, thus strategies may vary by client account.

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FMA utilizes a research driven, fundamental, value-oriented strategy for selecting investments. In choosing equity investments, the firm focuses on the market price of a company's securities relative to their evaluation of the company's asset value, including an analysis of book value, cash flow potential, long-term earnings and multiples of earnings of comparable securities of both public and private companies. Each investment is analyzed separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type. Using a value-oriented strategy, each of the firm's funds invests mainly in undervalued stocks that are trading at a discount to their intrinsic value. To a lesser extent, their funds also invest in restructuring or distressed companies. FMA's funds are not limited to pre-set maximums governing the size of the companies in which they may invest. They invests the equity portion of its portfolio predominantly in mid- and large-cap companies, with the remaining portion of its equity portfolio in smaller companies.

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Lakewood Capital Management Lakewood employs a fundamental investing approach that seeks to exploit inefficient pricings in equities and fixed income securities. The firm seeks to capitalize on the best risk/reward opportunities across many diverse industries, geographies and securities. Their strategies include Long Equity, Short Equity and Long Fixed Income.Lakewood's long equity positions generally consist of securities they believe have the potential for significant capital appreciation over a multi-year horizon with minimal degree of capital loss. Common themes consist of companies that are out of favor, subject to forced selling or liquidation, complex, undergoing change or uncertainty, misunderstood or underappreciated by the market. Target investments include companies with severe price declines, spin-offs, IPOs, under-followed companies, restructurings, reorganizations and companies with hidden assets.The firm's short equity positions consist of securities Lakewood believes are trading at significant premiums to intrinsic value and are likely to decrease in value in the near to intermediate-term. Lakewood's short equity strategy focuses: companies that are undergoing temporary increases in earnings that the firm believes are being misinterpreted by the market and/or companies with deceptive practices and/or misleading or fraudulent management teams.Lakewood's fixed income positions generally consist of securities in which they can earn attractive cash returns on its investment or establish an attractive post-reorganization equity buy-in price, providing for equity-like returns with a good risk profile. The firm invests in stressed high grade bonds, high yield/distressed bonds, convertible notes/bonds and preferred stock. These positions are typically found in companies that are out of favor, subjected to forced selling or liquidation, undergoing an industry rationalization or fixing their capital structure despite relatively healthy underlying operations.

Recent Transactions
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CIT Group, Inc. purchases Mutual of Omaha Bank from Mutual of Omaha Insurance Co.

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VTG AG purchases NACCO SAS from CIT Group, Inc.

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Aves One AG purchases Nacco Luxembourg SARL from CIT Group, Inc.

Insider Transactions
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Transaction Advisors
Underwriter

Advised onCIT Group, Inc. issued Common Stock

Underwriter

Advised onCIT Group, Inc. issued Common Stock

Auditor

Advised onCIT Group, Inc. issued Common Stock

Associate

Advised onVTG AG purchases NACCO SAS from CIT Group, Inc.

Legal Advisor

Advised onCIT Group, Inc. purchases Mutual of Omaha Bank from Mutual of Omaha Insurance Co.

Legal Advisor

Advised onVTG AG purchases NACCO SAS from CIT Group, Inc.

Advisors & Consultants
Legal Advisor

Partner at Jones Day

Legal Advisor

Partner at Morgan, Lewis & Bockius LLP

Legal Advisor

Partner at Schulte Roth & Zabel LLP

Clients

JG Summit Holdings, Inc. is one of the leading companies in the Philippines with business interests in: Air Transportation, Banking, Food Manufacturing, Petrochemicals, Real Estate, Hotels & Property Development, and Telecommunications.

USD Partners LP is fee-based limited partnership company, which engages in the acquisition, development, and operation of midstream infrastructure and logistics solutions for crude oil, biofuels, and other energy-related products. It operates through the following segments: Terminalling Services, Fleet Services, and Corporate. The Terminalling Services segment includes minimum monthly commitment fees under multi-year take-or-pay contracts to load and unload various grades of crude oil into and from railcars, as well as fixed fees per gallon to transload ethanol from railcars. The Fleet Services segment provides customers with leased railcars and fleet services related to the transportation of liquid hydrocarbons and biofuels by rail on a multi-year and take-or-pay basis. The company was founded by Michael R. Curry on June 5, 2014 and is headquartered in Houston, TX.

Key Stats and Financials As of 2018
Market Capitalization
$4.19B
Total Enterprise Value
$12.8B
Earnings Per Share
$3.74
Revenue
$3.21B
Net Profit
$463M
Total Debt
$8.12B
Total Equity
$5.95B
Enterprise Value Sales
3.98x
TEVNet Income
27.6x
Debt TEV
0.63x
Three Year Compounded Annual Growth Rate Of Revenue
-5.79%
Five Year Compounded Annual Growth Rate Of Revenue
-1.73%
Political Donations
Investments
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Part of TNCI Operating Co. LLC, UPH Holdings, Inc. is an American company located in Austin, TX, that provides communications & networking services. It was acquired by TNCI Operating Co. LLC on 09 Sep 13.

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PAETEC Communications, Inc. provides integrated communications services. The company's services include local, long distance, voice, data & internet, software applications, network integration and managed services. It serves to medium-sized and large businesses, colleges and universities, hospitals, hotels, government organizations, financial markets and affinity groups. The company was founded in 1998 by Arunas Chesonis and is headquartered in Fairport, NY.

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Simplura Health Group engages in the provision of healthcare services. It offers home care services including assistance with activities of daily living and complex home nursing services. The company was founded in 1995 and is headquartered in Lynbrook, NY.

Suppliers
Embraer SA Aerospace & Defense | São Paulo - SP, SP

Embraer SA engages in the design, manufacture, and sale of aircraft and its parts for commercial, defense, and executive aviation sectors. It operates through the following segments: Commercial Aviation, Defense and Security, Executive Aviation, and Others. The Commercial Aviation segment is involved in the development, production, and sale of commercial jets; and the provision of support services to regional aviation and aircraft leasing. The Defense and Security segment engages in research, development, production, modification, and support for defense and security aircrafts, as well as other integrated products and solutions including satellites and information and communication systems. The Executive Aviation segment deals with the development, manufacture, and sale of executive jets. The Others segment refers to the supply of structural parts and hydraulic systems and the production of agricultural sprayers. The company was founded by Ozires Silva on August 19, 1969 and is headquartered in Sao Jose dos Campos, Brazil.

FreightCar America, Inc. Industrial Machinery & Manufacturing | Chicago, Illinois

FreightCar America, Inc. manufactures railcars and railcar components. It designs and manufactures a broad variety of railcar types for transportation of bulk commodities and containerized freight products primarily in North America, including open top hoppers, covered hoppers, and gondolas along with intermodal and non-intermodal flat cars. The company was founded in 1901 and is headquartered in Chicago, IL.

Liquidity Services, Inc. Other Business & Consulting Services | Washington, DC

Liquidity Services, Inc. engages in the provision of e-commerce solutions to manage, value, and sell inventory and equipment for business and government clients. It operates through the following business segments: GovDeals; Capital Assets Group; Retail Supply Chain Group; Machinio; and Corporate and Other. The GovDeals segment provides self-service solutions in which sellers list their own assets, and it consists of marketplaces that enable local and state government. The CAG segment offers full-service solutions to sellers and it consists of marketplaces that enable federal government agencies as well as commercial businesses to sell surplus, salvage, and scrap assets. The RSCG segment consists marketplaces that enable corporations located in the United States and Canada to sell surplus and salvage consumer goods and retail capital assets. The Machinio segment involves in the global online platform for listing used equipment for sale in the construction, machine tool, transportation, printing and agriculture sectors. The Corporate and Other segment comprises company's IronDirect and TruckCenter operating segments that are not individually significant, as well as elimination adjustments. The company was founded by William P. Angrick III, Jaime Mateus-Tique and Benjamin Ronald Brown in November 1999 and is headquartered in Bethesda, MD.

Awards & Honors
Rank #603
2016
Fortune Magazine - Fortune 1000 Companies
Sponsored by Fortune Magazine
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