NEW YORK — Aug. 6, 2019 — CIT Group Inc. (NYSE: CIT) today announced that it served as sole lead arranger of a $60 million financing for Carolina Restaurant Group (CRG), operators of 108 Wendy’s restaurant franchises across North Carolina and South Carolina.
Based in Charlotte, North Carolina, CRG has been in business since 1993 and has grown to become one of the nation’s largest operators of Wendy’s franchises. It intends to use the financing to recapitalize the company, remodel existing franchise units and develop new restaurants.
“CRG is one of the premier Wendy’s franchise operators in the U.S. and we are pleased to assist them in continuing their evolution and growth trajectory,” said Hillary Savoie, managing director and group head for CIT’s Corporate Banking unit. “This financing is another example of how CIT’s agility and expertise can help franchise owners achieve their business goals.”
“CIT’s expertise was extremely helpful in arranging the financing we were seeking to recapitalize our company and take CRG to the next level,” said CRG Chief Executive Officer Quint Graham.
CIT works with franchisors and franchisees to provide innovative financing and advisory services, including working capital, growth capital, acquisitions, debt refinancing, equipment and technology updates, relocations and remodeling.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of March 31, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.