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CIT Group to support fashion icon Trina Turk
01 Aug '08
2 min read
CIT Group Inc, a leading global commercial finance company, announced that it has provided a senior secured credit facility to Trina Turk, a Los Angeles-based designer and manufacturer of women's contemporary clothing and home furnishings. The funds will support a growth investment in the company by KarpReilly, LLC, a private investment firm. Terms of the transaction were not disclosed.
Financing for the deal was completed by CIT Commercial Services, a unit of CIT and a leading provider of factoring, credit protection, accounts receivable management and lending services for consumer products companies.
“We are pleased to support fashion icon Trina Turk in her expansion efforts,” said John Daly, President of CIT Trade Finance. “This transaction underscores our commitment to the fashion and apparel industry and our dedication to supporting clients with financing solutions that help them achieve their business goals.”
Trina Turk, Founder and CEO of the company bearing her name said, “We have a longstanding relationship with CIT and are pleased to be working with them as we continue expanding into broader lifestyle categories.”
Adam Burgoon, partner of KarpReilly said, “We have worked with CIT on several consumer products transactions. Their depth of knowledge and experience in the apparel industry makes them a great long-term partner for a high growth company like Trina Turk.”
Founded in 1995 and headquartered in Los Angeles, Trina Turk began as a designer and manufacturer of a women's contemporary clothing collection. The company has successfully extended its lifestyle appeal to include a swimwear license with Apparel Ventures, a license for sun-resistant, water-resistant printed home furnishings fabrics with Schumacher launching for Spring 2009, and plans to extend into broader lifestyle categories.
Financing for the deal was completed by CIT Commercial Services, a unit of CIT and a leading provider of factoring, credit protection, accounts receivable management and lending services for consumer products companies.
“We are pleased to support fashion icon Trina Turk in her expansion efforts,” said John Daly, President of CIT Trade Finance. “This transaction underscores our commitment to the fashion and apparel industry and our dedication to supporting clients with financing solutions that help them achieve their business goals.”
Trina Turk, Founder and CEO of the company bearing her name said, “We have a longstanding relationship with CIT and are pleased to be working with them as we continue expanding into broader lifestyle categories.”
Adam Burgoon, partner of KarpReilly said, “We have worked with CIT on several consumer products transactions. Their depth of knowledge and experience in the apparel industry makes them a great long-term partner for a high growth company like Trina Turk.”
Founded in 1995 and headquartered in Los Angeles, Trina Turk began as a designer and manufacturer of a women's contemporary clothing collection. The company has successfully extended its lifestyle appeal to include a swimwear license with Apparel Ventures, a license for sun-resistant, water-resistant printed home furnishings fabrics with Schumacher launching for Spring 2009, and plans to extend into broader lifestyle categories.
CIT Group Inc
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