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Marketplace

BY ALM Staff
June 27, 2008

CIT Group Inc. of New York has announced a vendor financing relationship between CIT Vendor Finance, Canada and Metafore, a provider of IT solutions in Canada. Under the terms of the agreement, the two companies established a financing program under the name Metafore Financial Services (Metafore Leasing in British Columbia) to offer Metafore customers operating and capital lease structures. Metafore is a division of Hartco Income Fund and designs, supplies and installs complete IT infrastructure systems and offers ongoing technical support and advanced professional services.

Tygris Commercial Finance Group, Inc. of New York announced its formation and funding with over $1.75 billion in equity commitments ' the largest initial capital raise ever in the U.S. commercial finance sector. The company has assembled a team of commercial finance industry executives, lead by Frederick E. 'Rick' Wolfert, formerly vice chairman of Commercial Finance of the CIT Group and president of Heller Financial Inc., who will serve as the company's CEO. Tygris will initially have offices in Chicago, Stamford, CT and Parsippany, NJ.

Tygris was founded by Aquiline Capital Partners LLC, a New York based private equity firm specializing in financial services, with New Mountain Capital, L.L.C. and TPG Capital joining as lead investors. Tygris' key investors also include Diamond Castle Holdings, LLC and Hamilton Lane. Tygris has established significant relationships with financial institutions including Deutsche Bank, Credit Suisse, SunTrust Robinson Humphrey, Barclays, Wachovia and Wells Fargo Foothill. The company was created to provide liquidity and growth capital to middle market companies throughout North America in response to the current credit market dislocation that has constrained the availability of such capital. The initial concentration will be on developing leading franchise positions in three commercial finance businesses: middle market corporate finance, middle market equipment leasing and asset finance, and small ticket leasing.

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