Fifth Third Business Capital Canada Provides $7 Million for CLT Logistics

Fifth Third Business Capital Canada Inc., a subsidiary of Fifth Third Bank, announced it acted as sole lender and administrative agent on the funding of a $7,000,000 senior credit facility to Scarborough, Ontario, Canada-based CLT Logistics, Inc. Founded in 1985, CLT is a privately-owned enterprise, specializing in sales, logistics, manufacturing and alternative buying of consumer package goods in the health & beauty and household categories globally. The credit facility will be used to fund CLT’s capital expansion and working capital needs going forward.

“CLT is the latest company to come to Fifth Third to help them fund their ambitious growth plans,” said Dan Flaro, senior vice president and managing director for Fifth Third Business Capital Canada.

“We’re pleased to welcome CLT as a client as we continue to expand our traditional asset-based lending service offering into the Canadian market,” said Mike Sharkey, president of Fifth Third Business Capital.

“We decided to partner with the ABL team at Fifth Third due primarily to the expertise, experience and reputation of the group,” said Jack Wilkinson, president of CLT.

About Fifth Third Business Capital

Fifth Third Business Capital, a division of Fifth Third Bank and brand name of Fifth Third Business Capital Canada Inc., provides creative asset-based financing to large corporate and middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner.

Credit products are subject to credit approval and mutually acceptable documentation. Asset based lending products and services are offered in Canada by Fifth Third Business Capital Canada Inc. and Fifth Third Bank. Fifth Third Business Capital Canada Inc. is a subsidiary of Fifth Third Bank. In the United States deposit and credit products offered by Fifth Third Bank, Member FDIC.   Equal Housing Lender.    

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. As of June 30, 2019, Fifth Third had $169 billion in assets and operated 1,207 full-service Banking Centers and 2,551 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2019, had $399 billion in assets under care, of which it managed $46 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.