CIT, a division of First Citizens Bank, announced its Sponsor Finance business served as lead arranger of debt financing to support SK Capital Partners’ investment in VanDeMark Chemical in partnership with existing co-owner Comvest Partners.

HSBC, Siemens and Israel Discount Bank also participated in the club financing.

Headquartered in Lockport, NY, with a facility in Kazincbarcika, Hungary, VanDeMark is recognized as a worldwide leader in the production of high-end specialty chemical intermediates and derivatives for a diverse set of end markets including life sciences, electronics, polymers, coatings, personal care, and flavor & fragrances. Comvest will remain a co-owner in the company.

“CIT Sponsor Finance worked with SK Capital to fully understand the needs of the company and was pleased to arrange this financing in support of their investment in VanDeMark Chemical,” said Kenneth Caffrey, Managing Director of CIT Sponsor Finance.

CIT Sponsor Finance provides senior financing to middle market private equity firms and their portfolio companies across a variety of industries. The bank supports private equity transactions including leveraged buyouts, add-on acquisitions, growth capital and recapitalizations.