NEW
YORK, Dec. 11, 2023 /PRNewswire/ -- First
Citizens Bank today announced that CIT Northbridge Credit, as
advised by First Citizens Institutional Asset Management, LLC,
provided $85 million in financing to
CVB Inc.
Founded in 2003, CVB is the parent company to a leading
mattress, bedding and furniture vendor and distributor. Its core
home furnishings business features a product assortment including
furniture, mattresses, adjustable bed bases, mattress toppers, bed
frames, pillows and sheets.
The company caters to a wide range of customers with products
available across more than 20 online channels and thousands of
retail locations. Proceeds from the financing will be used to
refinance an existing asset-based revolver and for working
capital.
"With the U.S. economy showing signs of continued strength, we
are certain we have a bright future," said Jared Erickson, CFO of CVB Inc. "We appreciated
the expertise and agility of the CIT Northbridge team in arranging
this financing as we continue to pursue our growth agenda."
"We worked closely with leaders at CVB to understand their needs
and create a financing package to help them advance their business
goals," said Neal Legan, who leads
the team that advises CIT Northbridge.
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 First
Citizens Institutional 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.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank