NEW YORK, Nov. 16, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) that CIT Northbridge Credit, as advised by
CIT Asset Management LLC, served as sole lead arranger on a senior
secured credit facility for Arizona Nutritional Supplements LLC, a
portfolio company of Endeavour Capital.
Arizona Nutritional Supplements, founded in 1996 and
headquartered in Chandler,
Arizona, is a leading contract and private label
manufacturer of vitamins, minerals and supplements in a range of
sizes and formats, including tablets, capsules, soft gels and
powders. The company serves customers through a network of
retailers, grocers, physician groups, direct selling and ecommerce
channels.
Proceeds from the financing will be used to recapitalize the
company, repay existing debt and provide working capital for
continuing operations.
"Consumers today are increasingly interested in maintaining and
improving their health and wellness, and we anticipate continued
growth for nutritional supplements and related products," said
Mike Beardall, CEO of Arizona
Nutritional Supplements. "We greatly appreciated the expertise and
agility of the CIT Northbridge team in arranging this financing
that will enable us to continue our growth and achieve our business
goals."
"Arizona Nutritional Supplements has a strong track record as a
maker and distributor of a range of nutritional products to outlets
across the U.S.," said Neal Legan,
who leads CIT Northbridge. "We were pleased to work with the
company's leadership to understand their needs and arrange this
asset-based financing that supports their business strategy."
CIT Northbridge Credit is a trusted financial partner
supporting middle-market companies with a broad range of flexible
asset-based debt solutions. A joint venture advised by CIT Asset
Management, it provides revolving and term loan commitments from
$15 million to $150 million to companies across various
industries and business cycles, and serves primarily as sole
lender, agent, club participant or co-lender.
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.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.