CIT’s asset-based lending and sponsor finance businesses served as agent and sole lender on a $25 million revolving credit facility for KMS, a wholesaler of consumer product closeouts and special buys alongside its own line of KMS-sourced products.

“In this economy, we are continuing to see strong demand for our wide array of general merchandise from clothing, hardware, kitchen appliances, electronics, heaters, air conditioners and much more,” Tom George, CEO of KMS, said. “We were impressed by CIT’s agility and expertise in arranging this financing to support our operations during this important period in our continuing development.”

Private equity firm New State Capital Partners acquired a majority stake in KMS during the closing of the financing.

“We appreciated CIT’s experience in understanding KMS’ business needs and developing the right financing package to support its growth,” Kurt Lentz, principal at New State Capital Partners, said.

“With its strong end-markets and history of sales growth, KMS was an excellent candidate for an asset-based financing solution,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “We are pleased to provide the credit facility KMS needed to pursue its business objectives.”