First Citizens Bank’s asset-based lending group, part of the CIT division, provided a revolving credit facility to Signature Brands, a Ocala, FL-based provider of dessert decoration and seasonal celebration products under brands such as Betty Crocker, Cake Mate, Brand Castle, PAAS, Pumpkin Masters and GiftPop. The company will use proceeds from the financing to refinance an existing facility and to provide working capital for operations and growth opportunities.
“Signature Brands has outstanding relationships with many of the largest and most important retailers across North America,” Chris Esposito, managing director and leader of the asset-based lending team at CIT, said. “We appreciated the opportunity to support their business needs with this financing and look forward to providing additional banking products to serve their ongoing financial needs.”
“The products made by Signature are household names across North America,” Geoffrey Samuels, a director on the asset-based lending team at CIT, said. “We were pleased to leverage our expertise to meet their requirements.”