CIT Group Inc. (NYSE: CIT), through a subsidiary, is buying Direct Capital Corp., expanding the company's small business and middle-market lending and equipment leasing capabilities.
Portsmouth, New Hampshire-based Direct Capital makes loans to small and mid-sized businesses. The company has provided more than $2 billion in equipment, franchise and vendor financing services to more than 80,000 businesses.
CIT made the deal through its U.S. commercial bank subsidiary CIT Bank.
The deal is expected to close in the third quarter.
Other lender deals include Moody's Analytics' purchase of WebEquity Solutions LLC, a cloud-base loan origination services provider, in June, and Ares Management LP's (NYSE: ARES) deal for Keltic Financial Services LLC.