First Citizens Bank’s CIT Commercial Services unit provided up to $48 million in financing to Crown Crafts, a producer of infant bedding, toddler bedding, bibs, toys and disposable products.
The financing, which included a $5 million upsize to a $40 million committed ABL revolving line of credit and a $8 million term loan, was used in part by Crown Crafts to facilitate its recent acquisition of the assets of Baby Boom Consumer Products, a provider in the toddler bedding and diaper bag categories.
“The addition of Baby Boom’s portfolio of branded and licensed products enhances our presence in the toddler bedding segment, and the addition of diaper bags expands our offerings to our customers,” Olivia Elliott, CEO of Crown Crafts, said. “We appreciated the expertise and flexibility of the CIT Commercial Services team in arranging this financing to help us achieve our business goals.”
“We are excited to extend our 20-year-plus relationship with Crown Crafts by providing this latest financing,” Mike Hudgens, president of CIT Commercial Services, said. “Their acquisition of the assets of Baby Boom Consumer Products is another milestone in Crown Crafts’ growth trajectory, and we look forward to continuing to serve their financing needs in the future.”
