CIT Northbridge Credit served as sole lead arranger on a $20 million senior secured facility for London, KY-based Laurel Grocery, a wholesale distributor of grocery products to more than 160 independent grocers in Georgia, Indiana, Kentucky, Ohio, Tennessee and West Virginia.
Laurel Grocery Company, founded in 1922, also provides a range of business services, including accounting, insurance, merchandising, advertising and third-party warehousing and logistics.
The proceeds of the facility will be used to repay debt, finance growth initiatives and support ongoing operations.
“With consumers cooking and dining more at home, we’re seeing increased demand by grocers for the products they need to keep their shelves stocked with perishable and non-perishable items,” Winston Griffin, CEO of Laurel Grocery, said. “We appreciated the expertise of the CIT Northbridge team in arranging the financing we use to support our operations and help our customers succeed.”
“Laurel Grocery is a leading distributor with a long tradition of serving independent grocers in the South and Midwest,” Neal Legan, who leads CIT Northbridge Credit, said. “We were pleased to work closely with the company’s leadership to understand their needs and develop the financing to support their business strategy.”
CIT Northbridge Credit is a financial partner for middle market companies providing asset-based debt solutions.
