NEW
YORK, Nov. 16, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Asset-Based
Lending business provided a credit facility to The Stepping
Stones Group to accommodate the business' seasonal working capital
needs during the school year.
The Stepping Stones Group, a portfolio company of Leonard Green and Partners, is a provider of
therapeutic, behavioral and autism services to children with
developmental delays in school, home and center-based settings. The
business operates in 45 states offering both functional and
academic services in the following areas: related therapy, autism,
behavioral, special education, and school nursing.
"We are pleased to work with First Citizens Bank's Asset-Based
Lending team to secure this important financing, allowing our
business to pursue its strategic objectives and continue the
important work being done by The Stepping Stones Group," said
Sean Byrne, Chief Financial Officer
at The Stepping Stones Group.
"The Stepping Stones Group's innovative business model has
allowed them to make incredible strides in the behavioral health
services space," said Chris
Esposito, group head for Asset-Based Lending at First
Citizens Bank. "We were pleased to assist them with this financing
and look forward to future opportunities to work with them
again."
"This transaction illustrates our focus and commitment to
building strong relationships with both clients and private equity
sponsors by providing creative solutions to support their unique
needs in order to grow their business," said Santiago Coleman, a managing director for
Asset-Based Lending.
First Citizens Asset-Based Lending, part of the company's
Commercial Finance group, meets clients' working capital needs
by offering innovative structures that reduce funding costs and
lower operational risks while improving earnings by leveraging
accounts receivable, inventory or fixed assets as collateral.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
Ella
Bristow
212-461-5322
Ella.Bristow@firstcitizens.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-provides-credit-facility-to-a-behavioral-healthcare-services-company-301990806.html
SOURCE First Citizens Bank