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GROUNDBREAKING NEWSWells Fargo Completes CIT AcquisitionCIT Group Inc. recently signed an agreement to sellits CIT Construction lending business to Wells Fargo,the nationally recognized financial services company.Headquartered in Tempe, Ariz., CIT Construction hasprovided commercial financing to the constructionindustry since 1938. It serves contractors who build andrepair infrastructure, as well as equipment distributors/dealersthat sell and rent construction equipmentthroughout the United States. It will now operate as adivision of Wells Fargo Equipment Finance Inc.“Consistent with our vision to satisfy all our customers’financial needs, CIT Construction significantlyexpands our equipment finance lending capabilitiesand brings us opportunities to serve our customerseven better,” said Tim Sloan, group head of WellsFargo’s Commercial Banking, Real Estate andSpecialized Financial Services Group. “We’ll be ableto offer Wells Fargo’s full suite of products and servicesto CIT Construction’s customers. This transactionsupports Wells Fargo’s long-term strategy toexpand a core industry important to the growth ofWells Fargo Equipment Finance.”Gehl Co. recently lent a helpinghand by donating one of its AVAN-TAGE compact loaders — completewith a trailer and equipped withmultiple attachments — to help theWashington County Fair Park withits events and maintenance at thefairgrounds.“We are pleased to be able toassist the Washington County FairPark with the Gehl Equipment,”said Dan Keyes, vice president ofsales and marketing for Gehl. “Wehave the right equipment to helpthe Fair Park prepare for theupcoming events and are proud tobe a part by assisting the surroundingcommunities.”Attachments donated includedseveral buckets and poweredattachments including; earthaugers, aerator/seeder, rotary“Our decision to exit this long-standing CIT businessreflects our commitment to increasing shareholdervalue through proactive portfolio managementas we look to redeploy capital to other high growthareas of our business,” added Walter J. Owens, presidentof CIT’s Corporate Finance Group.CIT Construction originates and services seniorsecured loans collateralized by a wide range of high-qualityconstruction equipment. It is one of the largest noncaptivelenders in the industry with long-standing relationshipswith most of the industry’s leading participants.“This transaction complements Wells FargoEquipment Finance’s strategy of providing capital tomeet the needs of customers, ranging from middle marketcontractors to large manufacturers, in a core U.S.industry,” said John McQueen, head of Wells FargoEquipment Finance Inc. “CIT Construction is recognizedas an industry leader. The team that will be joiningus is experienced, passionate and committed to theconstruction industry. We look forward to building onits success by providing additional products and servicesfor both our customers.”Gehl Donates Compact Loader to Washington County Fairgroundsbroom, backhoe, snow blower,trencher and more.“When the Fair Park was openedin 1999, Gehl Co. visited with FairPark officials and entered into a partnershipto supply [us] with neededequipment,” said Sandy Lang, FairPark deputy director. “This partnershiphas grown stronger over theyears, which is evident by thisgenerous new donation.”The compact loader was presented to Fair Park management by Gehl’s VP of sales and marketingDan Keyes (far left) and the company’s trade shows and special events manager, Terry LeFever (far right).10 Utility Contractor | August 2007