Revman International received expanded funding and banking solutions from First Citizens Bank. Revman increased its existing ABL revolver to $55 million and secured a new $32 million commercial real estate loan with First Citizens’ Commercial Bank, bringing the total financing to $87 million.
“First Citizens Bank was able to deliver critical financing that will help us grow our business and provided access to key solutions, including its online banking platform, that are instrumental to managing our operations,” Richard Roman, CEO of Revman International, said. “We appreciate the expertise and collaboration from the First Citizens team as we continue to expand, scale our business and deepen our partnerships with leading designers and lifestyle brands.”
The financing was led by CIT Commercial Services, which will begin operating as Working Capital Finance in Q4, when it officially rebrands to First Citizens Bank. First Citizens Middle Market Banking provided real estate financing and access to additional treasury management solutions.
“Revman International has become a trusted leader in the home fashions industry and has been a long-standing client,” Mike Hudgens, head of working capital finance at First Citizens Bank, said. “By working together across multiple teams in our commercial bank we provided expanded financing and access to additional banking capabilities and solutions. We are thrilled to expand our relationship with Revman and look forwarding to continuing to support them as they grow and scale their operations.”
Brendan Chambers, head of middle market banking at First Citizens Bank, added, “We are excited to provide Revman with real estate financing as they expand their presence across key markets. First Citizens is committed to delivering specialized financial solutions and expertise that will help our clients at every stage. We’re grateful to be part of this latest financing, alongside our commercial banking partners, and support Revman as they pursue this next phase of growth.”
