NEW YORK, May 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $40 million in financing for Tronair, a leader in the manufacturing of ground support equipment, aftermarket replacement parts and services for the global aviation market.
Founded in 1971 and headquartered in Swanton, Ohio, Tronair is a leading supplier of ground support equipment for business jet, commercial and military aircraft.
"Demand for aerospace products and services is strong across our markets," said Paul Schwarzbaum, CEO of Tronair. "We appreciated the expertise of the CIT Northbridge team in providing financing as we continue to support our customers."
"Tronair has a long and distinguished history of providing outstanding aerospace products and services and we were pleased to work closely to understand their needs and provide this credit facility to support their business objectives," said Neal Legan, who leads the team that advises CIT Northbridge.
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
John M. Moran
SOURCE First Citizens Bank