CIT Group Inc. provided a senior secured credit facility to Aquilex LLC, the parent company of Aquilex HydroChem, a leading provider of industrial cleaning solutions to the petrochemical, refinery, power, and pulp and paper markets. Aquilex LLC is majority-owned by affiliates of Centerbridge Partners, L.P., a private investment firm.

CIT Corporate Finance served as joint lead arranger and joint bookrunner for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“This transaction reflects our continued ability to help Centerbridge and its portfolio of companies grow,” said Jim Conheeney, Managing Director, CIT Corporate Finance, Commercial & Industrial. “We’ve maintained a strong relationship with Centerbridge over the years and look forward to growing that relationship in the years to come.”

Kyle Cruz, Senior Managing Director at Centerbridge Partners, said, “CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction, which provides Aquilex Hydrochem additional resources to further expand its full suite of cleaning services to blue chip customers on a national scale.”

Centerbridge Partners, L.P. is a private investment firm with offices in New York and London and approximately $20 billion in capital under management as of December 2012. The firm focuses on private equity and credit investments.

Aquilex HydroChem, a subsidiary of Aquilex LLC, is a leading provider of industrial cleaning solutions to the chemical and petrochemical production, oil and gas refining and fossil power generation industries. In its 70 year history, Aquilex HydroChem has developed a leading suite of technology-enhanced services including hydroblasting, industrial vacuuming, chemical cleaning and tank cleaning. The company provides its products to the petrochemical, refinery, power and pulp and paper markets, with a majority of its revenue being derived from the United States.