NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Corporate Banking provided $34 million in senior secured credit facilities to The Sun Valley Group, the largest supplier of cut flowers in the United States. The financing will be used for working capital and recapitalization of the company. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
Lane DeVries, Chief Executive Officer of The Sun Valley Group, said, “As the largest flower grower in the United States, producing over 30 flower varieties with distribution throughout the U.S. and Canada, our high-quality growing facilities are ideally situated in climates that benefit from year-round growing conditions. This financing from CIT will support our ongoing operations and future growth as we continue to deliver exceptional quality flowers to our customers.”
John Farrace, Group Head and Managing Director, CIT Corporate Banking, said, “The Sun Valley Group encompasses a family of quality floral brands and distinguishes itself on the basis of its quality control, state-of-the-art technologies, and superior bulb and flower stock. We developed a tailored financial solution to support The Sun Valley Group’s long-term strategy and look forward to growing this important new relationship.”
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About The Sun Valley Group
In operation for over 40 years, The Sun Valley Group (SVG) began in Myrtle Point, Oregon, where a high school agriculture teacher and one of his students founded the farm with five acres of irises and daffodils. Today, SVG is the largest flower grower in the United States, with distribution throughout the U.S. and Canada. SVG goes to market with a family of quality floral brands, including Sun Valley Floral Farms, Pleasant Valley Flowers, Sun Pacific Bouquet and West Coast Evergreen; the Orchid, Sonata, Love, Royal, Lilytopia, and Dublet Lilies brands; and the Redwood Grove French Tulips brand. thesunvalleygroup.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