CIT’s asset-based lending business served as agent and sole lender on a $20 million loan and revolving credit facility for GEE Group, a provider of professional staffing services and human resources solutions. GEE Group will use proceeds from the financing to pay off existing debt and for general working capital purposes.
GEE Group, based in Jacksonville, FL, is a multi-brand national staffing and recruiting firm providing services in the IT, legal, engineering, finance and accounting, healthcare and industrial verticals. It provides its services from two business divisions, professional and commercial.
“We appreciated CIT’s expertise in arranging this asset-based financing to support our working capital needs and help fund GEE Group’s growth strategy,” Derek Dewan, chairman and CEO of GEE Group, said. “This financing represents another milestone in our ongoing effort to build our business while ensuring our financial position and balance sheet remain on solid footing.”
“We worked closely with GEE Group’s leadership to understand their business and their financing needs and determined that asset-based lending was the right solution at this moment in the company’s development,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “We were pleased to deliver the financing needed to support their ongoing operations and future growth.”
