Daily News: March 12, 2014

CIT Canada Provides Franchise Financing to The Wise Group

CIT Canada announced that it provided financing to the Wise Group, a franchisee in the premium casual restaurant sector with locations in Ontario. The franchise financing will be used to complete renovations and refinance debt on two Keg Steakhouse & Bar restaurants located in Vaughan and Newmarket, Ontario. Financing was provided by CIT Financial, a CIT affiliate. Terms of the transaction were not disclosed.

“CIT is pleased to introduce our new franchise finance platform to the Canadian market with this funding for the Wise Group,” said Douglas McKenzie, specialty finance leader, CIT Canada. “Mike Wise and his team excel as owner/operators who consistently demonstrate leadership, integrity and performance under one of the premier industry banners in the Keg Steakhouse & Bar. Our ability to provide financing to meet the needs of our small business and middle market clients enables us to build long term relationships while delivering innovative financing solutions and services.”

Mike Wise, president and CEO of the Wise Group, said, “Running a cash flow business requires financial partners who understand our unique needs and challenges and CIT’s franchise team delivered. The financing and expertise CIT brought to this transaction helps position The Wise Group to grow its portfolio of companies. We look forward to further building this relationship.”