CIT Northbridge Credit, as advised by CIT Asset Management, served as agent on a $65 million revolving credit facility for Everlane, a retailer of sustainable apparel, accessories and footwear in the United States.
Founded in 2011 and based in San Francisco, Everlane aims to deliver high-quality and ethically sourced items at affordable price points. The company sells through its e-commerce website, as well as its 10 retail stores in New York, Massachusetts, Texas, Washington, California, Pennsylvania and Washington, D.C.
“This financing will provide acceleration for our business through new stores and product expansion and allow us to continue to extend our mission of sustainability at a much-needed time in the world,” Michael Preysman, founder of Everlane, said. “We are proud to partner with CIT Northbridge and appreciate their expertise and partnership in this next chapter.”
“With the trends we’re observing in the apparel space and the heightened focus on sustainability and environmental impact, we are pleased to work with Everlane to be on the front lines of this transformation,” Neal Legan, managing director at CIT Northbridge Credit, said. “We are excited to add this financing to our portfolio and look forward to supporting Everlane’s future endeavors.”