We were seeking a financing partner that truly understands the restaurant sector and our particular business. The industry is constantly evolving, and we wanted a long-term partner with the flexibility to grow with us. CIT is that partner.
BURLINGTON, ONTARIO, CANADA — CIT Canada, a leader in providing lending, leasing and advisory services to small businesses and middle market companies, today announced that it provided financing to Dynapple Management Corp., the largest multi-unit Applebee’s franchisee in Canada with 13 Applebee’s Restaurants across Ontario, Manitoba, Saskatchewan and Alberta. The franchise financing will be used to refinance existing debt. Financing was provided by CIT Financial Ltd., a CIT Group affiliate. Terms of the transaction were not disclosed. CIT Group is a U.S. bank holding company.
David Snutch, President of Dynapple Management Corp., said, “We were seeking a financing partner that truly understands the restaurant sector and our particular business. The industry is constantly evolving, and we wanted a long-term partner with the flexibility to grow with us. CIT is that partner.”
Tom de Larzac, Senior Manager, CIT Franchise Finance, CIT Canada, said, “Dynapple has demonstrated a long-term track record operating successfully with a focus on consolidating markets and improving margins. CIT is very pleased to partner with Dynapple and the iconic Applebee’s brand as we expand our franchise finance platform across North America.”
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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 principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation industry worldwide. Its U.S. commercial bank subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
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