Daily News: July 29, 2014

CIT Finances Rosser Capital’s PetPeople Investment

CIT Group announced it provided a senior secured credit facility to support Rosser Capital Partners’ investment in PetPeople. Financing was provided by CIT Bank. Terms of the transaction were not disclosed.

“We are pleased that we were able to deploy our middle market retail expertise to support Rosser Capital Partners’ strategic investment in PetPeople,” said Robert Bielinski, managing director, CIT Corporate Finance, Retail and Restaurants. “PetPeople has built outstanding customer loyalty while delivering impressive growth. We look forward to building this relationship as Rosser Capital Partners helps PetPeople’s ongoing expansion throughout the Midwest.”

Jacob A. Organek, a founder and partner of Rosser Capital Partners, said, “CIT was an ideal financial partner for us as we pursued this transaction. They understood PetPeople’s growth potential and developed a flexible financing solution that enabled us to join with PetPeople to help facilitate the company’s growth initiatives.”

Michael Elkind, president of PetPeople, added, “Just as we pride ourselves on the fact that our associates are dedicated and passionate, with unmatched product knowledge, CIT’s knowledge of the retail market and ability to finance an entrepreneurial company were key components to the success of this transaction. PetPeople is committed to cultivating long-term relationships with customers, the community and our business partners. We look forward to working with CIT and Rosser Capital Partners as we execute our strategy for the future.”