NEW
YORK, Aug. 7, 2024 /PRNewswire/ -- First
Citizens Bank today announced that CIT Northbridge Credit, as
advised by First Citizens Institutional Asset Management LLC,
provided a $45 million revolving
credit facility to creative materials distributor,
MacPherson's.
MacPherson's is the largest creative materials distributor in
North America, distributing over
50,000 products from over 200 brands to retailers worldwide. The
company is headquartered in Suwanee,
Georgia and maintains warehouses in both Suwanee and in Reno,
Nevada.
"We appreciate the expertise of CIT Northbridge Credit and their
agility in coming up with a financial package that will support our
growth objectives," said Dave
Schofield, chief executive officer of MacPherson's.
"MacPherson's is well-known in the creative materials industry
for their expansive offerings, exclusive brands and talented
leadership," said Neal Legan, who
leads the team that advises CIT Northbridge Credit. "We look
forward to working with MacPherson's and facilitating their
strategic initiatives."
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., 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.
First Citizens Bank, Member FDIC. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
Ella
Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com
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SOURCE First Citizens Bank
