CIT Venture Capital Invests $15 Million in Camp Systems International; Largest Investment to Date for CIT Venture Capital

Business Wire, Nov 6, 2000

Business Editors

LIVINGSTON, N.J.--(BUSINESS WIRE)--Nov. 6, 2000

CIT Venture Capital, a business unit of The CIT Group (NYSE: CIT; TSE: CIT.U) today announced its largest equity investment to date in CAMP Systems International, LLC. Based in Ronkonkoma, New York, CAMP is the leading independent provider of maintenance tracking and aircraft management services to a fleet of over 4,500 corporate aircraft worldwide. For over 30 years, CAMP has provided information and services to the business aircraft industry, and is now the emerging force in single point data entry solutions for flight department operations.

"Given the strong growth prospects within the corporate aircraft sector, and CIT's overall corporate strategy in the aircraft industry, encompassing corporate, commercial, and regional aircraft programs, we believe that our investment in CAMP contributes to our long-term commitment of providing comprehensive financial services to the aviation industry," said Paul Laud, President of CIT Venture Capital.

CIT Venture Capital has partnered with Boston Ventures and Todd Hamilton, CEO of CAMP in this investment. "We are pleased with the new partnership which will allow CAMP to rapidly develop new ideas and initiatives. The financial backing and relationships offered by our new partners will allow us to quickly realize the goals of our aggressive business plan, to be the single source service and information provider to the aviation industry," said Mr. Hamilton.

"Building on the strength of the CAMP franchise as a provider of management tools and information to the corporate aviation market, CAMP is well positioned to provide a web based solution to manage the information service and management needs of the corporate flight department, " said James Wilson, a Managing Director at Boston Ventures.

CAMP's vision is to create a standard in the industry to provide a common platform for single point data entry, regarding flight department management. The latest CAMP products and services, which are all web enabled, include AvDesk.com, AviSource, AviationBid.com and AviationSell.com. These products debuted at the National Business Aviation Association Convention in New Orleans October 10 through 12.

About Boston Ventures

Boston Ventures is one of the most experienced and successful private equity firms in the United States with an investment focus in the media and communications industries. Since it's formation in 1983, Boston Ventures has committed over $1.8 billion in 61 companies. Boston Ventures Limited Partnership VI, which includes the CAMP investment, is a $1.2 billion fund which is scheduled to close in the first quarter of 2001. The firm is the majority shareholder of CAMP and has been the major shareholder or financial partner in such companies as Continental Cablevision, Construction Market Data Group, Partminer, Trade Services Corporation, American Media, Billboard Publications, News Corporation, Motown Records, Six Flags Theme Parks, and others.

About CIT

Founded in 1908 and with over $50 billion in total managed assets, CIT (www.cit.com) is the largest publicly held commercial finance organization in the world. CIT Venture Capital provides investment capital for U.S.-based management buy-outs and acquisitions as well as for financing expansion and growth. Fortune magazine named CIT one of America's Most Admired Company's in February 2000. InformationWEEK magazine ranks CIT #2 in its annual survey of top 500 companies using innovation in IT.