CIT Provides Financing to John Varvatos Enterprises
CIT Group Inc. announced that it provided a senior secured asset-based credit facility to John Varvatos Enterprises, Inc., a designer, retailer, and wholesaler of men’s designer apparel and accessories. The financing was completed in conjunction with the acquisition of the company by Lion Capital LLP, a consumer focused private equity firm, from VF Corporation.
The financing was provided by CIT Bank, a wholly owned subsidiary of CIT, for working capital, capital expenditures, and general corporate purposes. CIT Retail Finance served as sole lender and administrative agent for the financing. Terms of the transaction were not disclosed.
“John Varvatos is top of mind when people think of great men’s apparel brands,” said Burt Feinberg, group head of CIT Retail Finance and CIT Commercial & Industrial. “We were pleased to have structured and financed this transaction, which will provide the Company with additional funds to continue to grow its business.”
Claude Mattessich, managing director of CIT Commercial & Industrial, said, “We look forward to working with the management team at John Varvatos and their partners at Lion Capital to help the business achieve the next phase of its growth.”
Jacob Capps, partner of Lion Capital, said, “Given CIT’s depth of experience within the apparel/retail sector, we are pleased to have them as our financing partner on this transaction and we look forward to continuing to build our relationship as we further grow the business.”