We are committed to our middle market clients and proud to support MVT’s growth strategy in the refrigerated and dry freight transportation services as they look to keep the wheels of commerce in motion.
NEW YORK & LAS CRUCES, NEW MEXICO--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT)cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that CIT Corporate Finance provided a $20 million senior secured loan to Mesilla Valley Transportation (MVT), one of the largest locally-owned transportation providers in Western Texas and Southern New Mexico. The financing will be used to acquire multiple new 2014 International Prostar Sleeper Tractors and 2014 Great Dane Dry Van Trailers. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction provides Mesilla Valley Transportation an opportunity to build its fleet as it continues to serve as a leading provider of transportation services in the Southwest, ” said Vince Belcastro, Managing Director and Group Head of CIT Capital Equipment Finance. “We are committed to our middle market clients and proud to support MVT’s growth strategy in the refrigerated and dry freight transportation services as they look to keep the wheels of commerce in motion.”
Dean Rigg, Chief Financial Officer of Mesilla Valley Transportation, said, “We chose CIT because they understood the nuances of the long-distance freight trucking market. As one of the most fuel efficient carriers in the industry, we also maintain one of the youngest fleets. To remain a leader in the sector, new equipment is essential. CIT thoroughly understood our needs and helped us close the transaction in a timely manner. We look forward to continuing our relationship with CIT.”
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About Mesilla Valley Transportation
Located in Las Cruces, New Mexico, and El Paso, Texas, Mesilla Valley Transportation began in 1981 hauling primarily refrigerated/perishable goods, as a small, independent fleet in the Southwest. Today Mesilla Valley Transportation is one of the largest locally-owned transportation providers in Western Texas and Southern New Mexico. The company specializes in time sensitive service between major manufacturing areas in the U.S., Canada and Mexico borders. MVT also has the most efficient fleet in the U.S. The company prides itself on finding ways to make its equipment cut through the wind like no other. They also use low rolling resistance tires, have cut parasitic drag in its tractors, was the first to use trailer skirts 100% and have started installing boat tails on the back of trailers to further reduce drag. m-v-t.com
About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.cit.com/CorporateFinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of March 31, 2013, it had $10.6 billion of deposits and $13.3 billion of assets. cit.com/CITBank
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance,aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com