NEW YORK, Oct. 21, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its 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.
Headquartered in Overland Park,
Kansas, MSTS, a global leader in B2B payment and credit
solutions, facilitates $6 billion in
transactions per year in 17 currencies for customers in over 190
countries. The company specializes in payment and credit management
for B2B companies across transportation, manufacturing and
distribution, retail, eCommerce, and marketplaces.
"Our business is poised for continued growth and this financing
will be an important factor in helping to realize that potential,"
said Brandon Spear, CEO of MSTS. "We
worked closely with CIT and were impressed by its agility and
expertise in making this financing a reality."
"This is our second transaction with CIT, and we appreciate
their partnership and ability to navigate this financing to a
successful and timely closing," said Jeremy
Schein, Partner at Corsair Capital, which recently acquired
MSTS.
"Asset-based financing was the right solution for MSTS as it
looks to support its customers and pursue its growth agenda," said
Chris Esposito, managing director
and group head for CIT's Asset-Based Lending business. "We were
pleased to support MSTS with financing needed to help achieve their
business goals."
"MSTS has a strong track record of performance in the B2B
payment and credit sector and we appreciated the opportunity to
support their continued business development," said Jeff Kilrea, managing director and group head
for CIT's Sponsor Finance business.
CIT's Asset-Based Lending business 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.
CIT's Sponsor Finance group provides cash flow and asset
based senior debt for private-equity backed transactions in the
middle market throughout the United
States. With commitments to companies owned by private
equity sponsors across numerous industries, CIT is one of the
largest providers of capital to middle market businesses.
About CIT
CIT is a leading national bank focused on
empowering businesses and personal savers with the financial
agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a
financial holding company with over a century of experience and
operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC,
Equal Housing Lender). The company's commercial banking segment
includes commercial financing, community association banking,
middle market banking, equipment and vendor financing, factoring,
railcar financing, treasury and payments services, and capital
markets and asset management. CIT's consumer banking segment
includes a national direct bank and regional branch network.
Discover more at cit.com/about.
About MSTS
MSTS is a global leader in B2B payment and
credit solutions, facilitating $6
billion in transactions per year in 17 currencies for
customers in more than 190 countries. Our cutting-edge Credit as a
Service® (CaaS) solution is setting the stage for the future of
omni-channel B2B payments. The company specializes in payment and
credit management for B2B companies across transportation,
manufacturing and distribution, retail, eCommerce, and
marketplaces. MSTS' Credit as a Service solution is a suite of
applications and services that facilitates B2B payments by
extending terms, handling invoicing and managing collections.
About Corsair Capital
For the past 28 years, Corsair
Capital has invested in many of the sub-sectors that comprise the
financial services ecosystem in Europe and North
America and has developed a leading practice aligning with
strong management teams and co-shareholders to grow specialist
businesses. In particular, Corsair has focused on businesses that
operate at the crossroads of technology transformation and
financial services complexity and that require a deep understanding
of, and a global network within, the broad financial industry. More
information about Corsair Capital may be accessed through the
website www.corsair-capital.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.