NEW YORK, Dec. 2, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $20 million senior secured credit facility for Laurel Grocery Company LLC.
Headquartered in London, Kentucky, Laurel Grocery is a wholesale distributor of grocery products to more than 160 independent grocers in Georgia, Indiana, Kentucky, Ohio, Tennessee and West Virginia. The company, founded in 1922, also provides a range of business services, including accounting, insurance, merchandising, advertising and third-party warehousing and logistics.
Proceeds will be used to repay debt, finance growth initiatives and support ongoing operations.
"With consumers cooking and dining more at home, we're seeing increased demand by grocers for the products they need to keep their shelves stocked with perishable and non-perishable items," said Laurel Grocery CEO Winston Griffin. "We appreciated the expertise of the CIT Northbridge team in arranging the financing we use to support our operations and help our customers succeed."
"Laurel Grocery is a leading distributor with a long tradition of serving independent grocers in the South and Midwest," said Neal Legan, who leads CIT Northbridge. "We were pleased to work closely with the company's leadership to understand their needs and develop the financing to support their business strategy."
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.
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.
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SOURCE CIT Group Inc.