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CIT Northbridge Credit Serves as Agent on $40 Million Financing to Biery Cheese
October 4, 2022
By CIT, a division of First Citizens Bank
NEW YORK, Oct. 4, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $40 million revolving credit facility provided to Biery Cheese. The credit facility refinances Biery Cheese's existing senior debt and provides additional liquidity to support increased production. Croley, Martell & Associates, Ltd. served as advisor on the refinancing and referred the transaction to CIT Northbridge Credit.
"This financing supports us as we continue to accelerate our production, diversify our customer base and explore new opportunities," said Ben Biery, CEO of Biery Cheese. "We appreciate the expertise and efficiency of the CIT Northbridge Credit team throughout the financing process, as well as the guidance from our advisors at Croley, Martell & Associates."
Founded in 1929 and spanning four generations, Biery Cheese runs a large-scale manufacturing and distribution operation offering both natural and processed cheeses in a variety of pre-packaged forms to retailers, food service companies, distribution centers and manufacturing companies. The company's flagship facility in Louisville, Ohio has the capacity to support up to 130 million pounds of cheese production annually.
"Biery Cheese is a long-standing, family-owned business with established brand recognition and an experienced management team," said Neal Legan, who leads CIT Northbridge Credit. "We're pleased to provide this financing to bolster Biery Cheese's strategy, and we appreciate the important role that Croley, Martell & Associates played in the process."
"Biery Cheese is managed by a team of industry experts with a clear vision for the future," said Cliff Croley, partner at Croley, Martell & Associates. "We're grateful for the opportunity to advise Biery Cheese throughout this refinancing, as well as work with the knowledgeable professionals at CIT Northbridge Credit."
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.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.