NEW YORK, Nov. 16, 2021 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that CIT Northbridge Credit,
as advised by CIT Asset Management LLC, served as sole lead
arranger on a senior secured credit facility to support the
acquisition of Baker & Taylor LLC, a premier provider of books,
digital content and technology solutions to public and academic
libraries.
Baker & Taylor, which is headquartered in Charlotte, N.C., was acquired from Follett
Corp. by a private investment group led by Amandeep Kochar, who previously served as Baker
& Taylor's general manager and executive vice president.
"As the U.S. economy continues to recover from the pandemic, we
see attractive potential to grow our business with public and
academic libraries needing content and services to support their
readers and researchers," said Kochar, who is now serving as Baker
& Taylor's CEO and president. "We appreciated the expertise and
agility of the CIT Northbridge team in quickly assembling this
acquisition financing package."
"With a 190-year history of success and deep industry
relationships, Baker & Taylor is well positioned to prosper as
students, scholars and the general public return to their favorite
libraries in search of printed and digital content and other
information services," said Neal
Legan, who leads CIT Northbridge. "We were pleased to work
closely with the company's leadership to arrange financing to
complete this transaction and build a strong and supportive
relationship."
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.