NEW YORK — First Citizens Bank announced that CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, LLC, provided a $40 million credit facility to ADC Solutions Holdings.
Founded in 1986 and based in Costa Mesa, California, ADC Solutions Holdings specializes in developing and expanding brands in the automotive aftermarket, home goods, and health and wellness sectors. The company’s portfolio features 10 national brands and licensing partners that hold strong positions in their respective categories.
This financing will support ADC Solutions Holdings in their effort to pursue entrepreneurial opportunities and growth investments in consumer-focused businesses.
“We take pride in recognizing and growing high-potential consumer brands,” said Mark Lehman, CEO of ADC Solutions Holdings. “The new credit facility from CIT Northbridge enhances our capacity to pursue strategic growth opportunities with increased agility.”
“ADC Solutions Holdings has shown a strong grasp of consumer trends and brand development within various dynamic industries,” said Neal Legan, the senior managing director at CIT Northbridge Credit. “We are excited to support their ongoing growth and value creation strategy through this financing.”
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by First Citizens Institutional Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
