NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that it provided a senior secured credit facility to support Rosser Capital Partners’ significant investment in PetPeople, a specialty retail pet supply store that focuses on high quality, natural pet food. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“We are pleased that we were able to deploy our middle market retail expertise to support Rosser Capital Partners’ strategic investment in PetPeople,” said Robert Bielinski, Managing Director, CIT Corporate Finance, Retail and Restaurants. “PetPeople has built outstanding customer loyalty while delivering impressive growth. We look forward to building this relationship as Rosser Capital Partners helps PetPeople’s ongoing expansion throughout the Midwest.”
Jacob A. Organek, a Founder and Partner of Rosser Capital Partners, said, “CIT was an ideal financial partner for us as we pursued this transaction. They understood PetPeople’s growth potential and developed a flexible financing solution that enabled us to join with PetPeople to help facilitate the company’s growth initiatives.”
Michael Elkind, President of PetPeople, added, “Just as we pride ourselves on the fact that our associates are dedicated and passionate, with unmatched product knowledge, CIT’s knowledge of the retail market and ability to finance an entrepreneurial company were key components to the success of this transaction. PetPeople is committed to cultivating long-term relationships with customers, the community and our business partners. We look forward to working with CIT and Rosser Capital Partners as we execute our strategy for the future.”
EDITOR’S NOTE:
View CIT’s corporate overview video (cit.com/corporatevideo) and CIT Perspectives (cit.com/perspectives), which showcase our insights and ability to put our knowledge to work for the small business, middle market and transportation sectors. Follow us on Twitter, LinkedIn, YouTube and Facebook or register to receive press releases at cit.com/newsalerts.
About Rosser Capital Partners
Rosser Capital Partners is a lower middle market investment firm with a focus on investing in restaurant, consumer and retail companies that demonstrate significant growth potential and can benefit from strategic and operational enhancements. The firm seeks to partner with strong management teams who have demonstrated the skills, commitment and discipline to create shareholder value over time. Rosser Capital Partners supports its management teams by providing access to a wide network of strategic industry contacts, active lending institutions, consultants, and additional management and operational resources. Over the last 20-plus years, the principals of Rosser Capital Partners have completed 25 consumer transactions. Rosser Capital Partners is headquartered in Greenwich, CT. rossercapitalpartners.com
About PetPeople
PetPeople is a specialty retail pet supply store, focusing on high quality, natural pet food. The Company differentiates itself from competitors in the industry by being a neighborhood place for natural foods and quality supplies for dogs and cats. They hire pet enthusiasts who engage and educate customers by sharing ideas and providing solutions to their problems. As of December 2013, the Company operated 20 stores in three states (Ohio, Michigan, and Indiana). petpeoplestores.com
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (NYSE: CIT). It provides lending and leasing to the small business, middle market and transportation sectors. CIT Bank (BankOnCIT.com) offers a variety of savings options designed to help customers achieve their financial goals. As of June 30, 2014, it had approximately $14 billion of deposits and more than $18 billion of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com
