CIT Group’s asset-based lending business, working in conjunction with its sponsor finance group, served as lead arranger on a senior secured credit facility for von Drehle Corporation, which produces paper towel, tissue and dispensing products. Headquartered in Hickory, NC, von Drehle used the proceeds to refinance debt and for general corporate purposes.
“The global pandemic has increased public understanding about the importance of cleaning and sanitation, and von Drehle has the right products to meet the needs of industrial, commercial and institutional customers and suppliers,” Randy Bergman, president and CEO of von Drehle, said. “We appreciated CIT’s agility and expertise in arranging this financing as we continue to focus on supporting our customers.”
“We worked closely with von Drehle to understand their needs and were pleased to leverage our asset-based lending expertise to provide them with the financing to advance their business strategy at this important time,” Chris Esposito, managing director and group head for asset-based lending at CIT, said.
“von Drehle is a leader in providing quality paper products to the away-from-home market,” Jeff Kilrea, managing director and group head for CIT’s sponsor finance business, said. “We were pleased to help arrange financing and establish a relationship with this family-owned business as it extends its long track record of success.”
CIT’s asset-based lending and sponsor finance groups are part of CIT’s commercial finance division, which provides asset-based lending, debt solutions and other financial services.
