NEW YORK, Nov. 12, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Sponsor Finance business, part of the Commercial Finance division, served as joint lead arranger and joint bookrunner for a $70 million financing on behalf of Estyle Holdings Inc., makers of Eco Style hair gel and a wide range of other beauty and personal care products.
Based in Jacksonville, Florida, Estyle sells its products through distributors, beauty supply stores and leading national retail chains, targeting multicultural consumers.
The new $70 million senior secured financing consists of a revolving credit facility, delayed draw term loan and a term loan to support the recapitalization of the company by Clarion Capital Partners.
"We are pleased to partner with CIT on this transaction," said Edward Martin, Principal of Clarion Capital Partners. "CIT worked proactively and constructively through a difficult environment to support this transaction. We look forward to continuing that partnership approach with CIT to support the business to achieve its future strategic plans."
"We are pleased to arrange financing to support Clarion's investment in Estyle and are looking forward to supporting the company's continued growth," said David Harnisch, CIT's president of Commercial Finance and Real Estate.
CIT's Sponsor Finance group provides cash flow and asset based senior debt for private-equity backed transactions in the middle market throughout the United States.
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.