CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, provided $85 million in financing to CVB.
Founded in 2003, CVB is the parent company to a leading mattress, bedding and furniture vendor and distributor. Its core home furnishings business features a product assortment including furniture, mattresses, adjustable bed bases, mattress toppers, bed frames, pillows and sheets.
The company caters to a wide range of customers with products available across more than 20 online channels and thousands of retail locations. Proceeds from the financing will be used to refinance an existing asset-based revolver and for working capital.
“With the U.S. economy showing signs of continued strength, we are certain we have a bright future,” Jared Erickson, chief financial officer of CVB, said. “We appreciated the expertise and agility of the CIT Northbridge team in arranging this financing as we continue to pursue our growth agenda.”
“We worked closely with leaders at CVB to understand their needs and create a financing package to help them advance their business goals,” Neal Legan, who leads the team that advises CIT Northbridge, said.
