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CIT to support sportswear brand Sean John
08 Mar '11
2 min read
CIT Group Inc, a leading provider of financing to small businesses and middle market companies, announced that it has provided a senior secured credit facility to apparel company Christian Casey LLC, DBA Sean John. The funds will be used for working capital and to support growth of its domestic and international licenses.
Financing for the deal was completed by CIT Trade Finance, a unit of CIT and a leading provider of factoring services, credit protection, accounts receivable management, lending services and other trade finance products primarily to apparel and consumer products companies that sell to retail channels of distribution.
“Our expertise in the apparel and retail market allowed us to structure a credit facility that provides Sean John with liquidity through an asset-based lending facility against its trademarks and other intangible assets,” said John Daly, President of CIT Trade Finance. “We have worked closely with the Sean John team over the past seven years and we look forward to further building this relationship in the future.”
Jeffrey Tweedy, Executive Vice President of Sean John, said, “Our relationship with CIT has allowed us to build the Sean John business into one of the most dominant sportswear brands in America. CIT's continued support will allow us to grow our business both domestically and internationally while it simultaneously provides us with flexibility to react to opportunities in the marketplace.”
Financing for the deal was completed by CIT Trade Finance, a unit of CIT and a leading provider of factoring services, credit protection, accounts receivable management, lending services and other trade finance products primarily to apparel and consumer products companies that sell to retail channels of distribution.
“Our expertise in the apparel and retail market allowed us to structure a credit facility that provides Sean John with liquidity through an asset-based lending facility against its trademarks and other intangible assets,” said John Daly, President of CIT Trade Finance. “We have worked closely with the Sean John team over the past seven years and we look forward to further building this relationship in the future.”
Jeffrey Tweedy, Executive Vice President of Sean John, said, “Our relationship with CIT has allowed us to build the Sean John business into one of the most dominant sportswear brands in America. CIT's continued support will allow us to grow our business both domestically and internationally while it simultaneously provides us with flexibility to react to opportunities in the marketplace.”
CIT Group Inc
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