Equity Group Investments partners with CIT Trucks

Equity Group Investments (EGI), a private investment firm founded by Sam Zell, has invested in CIT Trucks.

EGI is partnering with CIT Trucks’ senior management team, who will continue to lead the business and retain an ownership stake. In conjunction with the transaction, current CEO, Erick Miner, will be retiring after 40 years and CIT’s current president, Carl Herzog, will assume the role of CEO. Although retiring from day-to-day business, Erick Miner will continue to serve on the board of directors.

“CIT Trucks has established itself as a trusted partner to customers, OEMs and employees alike, and we’re proud to support its mission and momentum as it continues to grow,” says Mark Sotir, president and Chief Investment Officer of EGI.

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Founded in 1975 and headquartered in Normal, Ill., CIT Trucks is a leading commercial truck dealer representing Kenworth, Volvo, Mack, and Isuzu along with other top manufacturers across 15 locations in Illinois, Indiana, and Missouri. As an authorized OEM partner, the company provides comprehensive sales, service, parts, leasing and rental and financing solutions for both fleets and owner-operators. 

Rooted in a customer-first culture and strengthened by deep technical expertise, CIT Trucks is dedicated to advancing the commercial vehicle industry and won the 2021 Successful Dealer Award. 

“Over the history of our company, we have continued to invest in our people and the resources needed that allow us to provide exceptional service to our customers. As we look to the future and additional expansion opportunities, partnering with EGI gives us the resources to expand effectively while staying true to the values that have defined CIT Trucks for decades,” says Herzog and Bruce Thomas, vice president of sales. “Together we will continue to focus on our people, as they are ‘CIT’, and on providing the best services possible for our customers.”

Rahul Sen, managing director at EGI, adds, “We’re drawn to companies with strong leadership and long-term vision, and CIT Trucks embodies both. As partners, we will build on CIT’s success by investing in new opportunities while maintaining the values that have made it successful for nearly five decades.”