CIT Group completed the sale of its Canadian equipment finance and corporate finance businesses (CIT Canada), with assets of approximately $700 million, to Laurentian Bank of Canada.
CIT said it would explore strategic alternatives for its $10 billion Commercial Air business and sell its CIT Canada and CIT China businesses to advance its transition to a U.S. commercial bank.
CIT Canada said it provided financing to Dynapple Management, the largest Applebee’s franchise in Canada with 13 Applebee’s restaurants across Ontario, Manitoba, Saskatchewan and Alberta.
CIT Canada provided $8 million in franchise financing to the BLCO Group, one of the largest multi-unit KFC franchisees in Canada. Financing was provided by CIT Financial.
CIT Canada provided financing to Silvercreek Solar Park, which will utilize Canadian Solar modules for a ground-mounted utility-scale solar power plant in Elgin County. Financing was provided by CIT Financial.
CIT Canada provided financing to casual restaurant franchisee Wise Group. The franchise financing will be used to complete renovations and refinance debt.