CIT Northbridge Credit, through its investment advisor CIT Asset Management, served as sole lead arranger on a $24 million senior secured credit facility for Pocono ProFoods, a foodservice distributor in the Northeast and Middle Atlantic regions.
Based in Stroudsburg, PA, Pocono ProFoods is a family-owned distributor which provides food and equipment to independent and multi-location restaurants and large-scale organizations in a 14-state region stretching from Maine to Virginia and Ohio.
“We are proud to leverage our expertise and agility to support this extraordinary family business with the financing and incremental liquidity it needs to service its customers, as it has for decades,” said Neal Legan, who leads CIT Northbridge.
“The flexibility in structuring and the efficient closing demonstrated by the CIT Northbridge team were instrumental in creating a financing arrangement that meets our current needs and provides for further growth,” said Terrence B. Snyder, president of Pocono ProFoods.
CIT Northbridge Credit supports middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles.