Cortland Credit Group announced the successful repayment of its credit facility extended to Insulation Technology Group (ITG), a portfolio company of PHI Industrial.  Executed in June 2024, this repayment was almost precisely three years after the initial funding, underscoring Cortland’s commitment to driving growth and value creation through strategic lending partnerships.

At its peak, Cortland committed €34 million to the ITG credit facility, with €15 million outstanding at the time of repayment. This transaction marks a significant achievement, as ITG was sold to The Jordan Company.

The credit facility, initially extended in 2021, was a conforming asset-based loan designed to support the strategic acquisition of its platform company. Later in 2021, the group acquired its largest competitor.  With ITG now established as Europe’s largest porcelain insulator manufacturer, the company expanded its global footprint across seven manufacturing sites across Europe, North America and South America. Throughout the life of Cortland's facility, ITG saw impressive growth, roughly doubling revenue and growing EBITDA approximately 10x.

The successful repayment of the ITG facility highlights Cortland Credit Group’s strategic approach to growth lending and the value generated through its investment thesis. ITG now joins a distinguished list of Cortland’s ex-portfolio companies which have achieved significant milestones through refinancing or acquisition.

“Cortland’s support of Insulation Technology Group exemplifies our commitment to partnering with high-growth companies and driving substantial value creation,” said Sean Rogister, Chief Executive Officer at Cortland Credit Group.  “We are proud of ITG’s remarkable success and look forward to continuing to support innovative and high-growth companies through our tailored financial solutions.”