CIT is an established name in the asset-based lending industry, but that hasn’t stopped it from continuing to evolve and innovate. In 2020 alone, the bank expanded its ABL division, hired a new ABL team leader and continued to close deals with its CIT Northbridge Credit joint venture, setting itself up for continued success in the marketplace.
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.
CIT Group’s asset-based lending and sponsor finance businesses, both part of the commercial finance division, collaborated to serve as joint lead arranger on $175 million financing for MSTS, a B2B payment and credit solutions provider.
CIT’s asset-based lending business served as agent and sole lender on a $75 million revolving credit facility for Skillsoft, a global provider of learning and talent management solutions.
CIT Group’s asset-based lending business served as joint lead arranger on a $150 million asset-based revolving credit facility for Steve Madden.
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.
CIT Group named Chris Esposito managing director in charge of its newly expanded asset-based lending business. Esposito will be responsible for managing the asset-based lending team and overseeing the national ABL business.