CIT brought to the table a sophisticated understanding of the restaurant industry and valuable experience in restaurant finance. We look forward to continuing our relationship with CIT as we execute our growth strategy.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Commercial & Industrial Finance, which provides corporate financing solutions to restaurant and retail companies, served as Sole Lead Arranger for an over $50 million senior secured credit facility to support the acquisition of HRI Holding Corp. (“HRI”) by York Capital Management (“York”), a global private investment firm. HRI is a diversified restaurant holding company focused on polished casual dining and fine dining that develops and owns several restaurant concepts comprising over 90 company-owned and franchised locations across the United States. HRI operates and franchises three unique restaurant concepts: Houlihan’s Restaurant and Bar, Devon/Bristol Seafood Grill, and J.Gilbert’s Wood-Fired Steaks. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Anand Philip, Senior Managing Director, York, said, “We look forward to working with the HRI management team to continue growing the platform through innovation, new menu items, new restaurant development, remodels, support of our franchise group, and add-on acquisition opportunities. CIT was able to move quickly and develop a flexible financing solution that helped make this acquisition possible.”
Michael Archer, Chief Executive Officer, HRI, said, “CIT brought to the table a sophisticated understanding of the restaurant industry and valuable experience in restaurant finance. We look forward to continuing our relationship with CIT as we execute our growth strategy.”
Burt Feinberg, President, CIT Commercial & Industrial Finance, said, “The polished casual and fine dining sectors have benefited from growing consumer spending, greater expenditure on business lunches and corporate events, and an uptick in travel fueled by strong growth as we have seen a shift of consumer spending from goods to experiences. As these trends are expected to continue, York and HRI are well positioned to capture the opportunities in this market. We look forward to continuing to develop our relationship with York as we help finance the needs of the restaurant sector.”
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About York Capital Management
York Capital Management is a global private investment firm that manages assets across public and private investment strategies. Founded in 1991, York has more than 200 employees including approximately 60 investment professionals, with offices in New York, London, and Hong Kong.
About HRI Holding Corp.
Founded in 1972 and located in Leawood, KS, HRI is a diversified restaurant holding company focused on polished casual dining and fine dining that develops and owns several restaurant concepts comprising over 90 company-owned and franchised locations across the United States. In the polished casual dining category, the Company operates restaurants under the Houlihan’s brand, which offers high quality, made from scratch food at a compelling value in a contemporary atmosphere. In the fine dining category, the Company operates restaurants under the J. Gilbert's Wood-Fired Steaks, Bristol Seafood Grill and Bar/Devon's Seafood Grill and Bar brands, which offer premium steak and seafood at an approachable value in an elegant yet unpretentious setting. houlihans.com
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. cit.com