Running a cash flow business requires financial partners who understand our unique needs and challenges and CIT’s franchise team delivered. The financing and expertise CIT brought to this transaction helps position The Wise Group to grow its portfolio of companies. We look forward to further building this relationship.
BURLINGTON, CANADA — CIT Canada, a leader in providing lending, leasing and other financial and advisory services to small businesses and middle market companies, today announced that it provided financing to the Wise Group, a leading franchisee in the premium casual restaurant sector with locations in Ontario. The franchise financing will be used to complete renovations and refinance debt on two Keg Steakhouse & Bar restaurants located in Vaughan and Newmarket, Ontario. Financing was provided by CIT Financial Ltd., a CIT affiliate. Terms of the transaction were not disclosed. CIT is a U.S. bank holding company.
“CIT is pleased to introduce our new franchise finance platform to the Canadian market with this funding for the Wise Group,” said Douglas McKenzie, Specialty Finance Leader, CIT Canada. “Mike Wise and his team excel as owner/operators who consistently demonstrate leadership, integrity and performance under one of the premier industry banners in the Keg Steakhouse & Bar. Our ability to provide financing to meet the needs of our small business and middle market clients enables us to build long term relationships while delivering innovative financing solutions and services.”
Mike Wise, President and CEO of the Wise Group, said, “Running a cash flow business requires financial partners who understand our unique needs and challenges and CIT’s franchise team delivered. The financing and expertise CIT brought to this transaction helps position The Wise Group to grow its portfolio of companies. We look forward to further building this relationship.”
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About CIT Canada
CIT Canada 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, communications, energy, entertainment, gaming, healthcare, industrials, public sector debt, information services and technology, restaurants, aerospace, retail, sports and media, and transportation and construction. It creates tailored equipment financing and leasing programs for manufacturers, distributors and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services. cit.com/canada
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its Internet bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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