United States Of America : CIT provides $90 mn to apparel company Como Fred David

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CIT provides $90 mn to apparel company Como Fred David

02
Apr '08

CIT Group Inc, a leading global commercial finance company, announced that it has provided a $90 million revolving line of credit and term loan to Como Fred David Group, a women's apparel company.

The funds were used to facilitate a recapitalization of Como Fred David Group by GB Merchant Partners, the investment management affiliate of Gordon Brothers Group, in partnership with Crystal Capital. As part of the transaction Como Fred David's principals retained a significant ownership stake in the new company.

“Gordon Brothers has an extensive portfolio of middle market apparel and consumer companies. We are delighted to provide financing to a company that has a strong track record and experience in the industry,” said John F. Daly, President of CIT Commercial Services.

Matthew Kahn, Principal of GM Merchant Partners, said, “CIT did a great job in getting this deal closed in a very difficult credit environment. CIT Commercial Services has been a long-standing and trusted funding source for the apparel industry and we were 100 percent confident in the firm's ability to structure and lead the financing facility.”

CIT Commercial Services, a leading provider of lending services, credit protection, factoring and accounts receivable management services for consumer product companies, agented and funded the transaction.

CIT Group Inc

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