CIT Northbridge Credit Provides $45 Million to MacPherson's

Rhea-AI Summary

First Citizens Bank announced that CIT Northbridge Credit has provided a $45 million revolving credit facility to MacPherson's, North America's largest creative materials distributor. MacPherson's distributes over 50,000 products from 200+ brands to retailers worldwide, with headquarters in Suwanee, Georgia and warehouses in Suwanee and Reno, Nevada.

Dave Schofield, CEO of MacPherson's, expressed appreciation for CIT Northbridge Credit's expertise and agility in creating a financial package to support their growth objectives. Neal Legan, who leads the team advising CIT Northbridge Credit, highlighted MacPherson's reputation in the industry for their expansive offerings and exclusive brands.

CIT Northbridge Credit, a joint venture advised by First Citizens Institutional Asset Management, provides flexible asset-based debt solutions to middle-market companies, offering revolving and term loan commitments from $15 million to $150 million.

Positive

• CIT Northbridge Credit provided a $45 million revolving credit facility to MacPherson's
• MacPherson's is the largest creative materials distributor in North America
• The credit facility will support MacPherson's growth objectives

Negative

• None.

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

FAQ

What is the size of the credit facility provided to MacPherson's by CIT Northbridge Credit?

CIT Northbridge Credit provided a $45 million revolving credit facility to MacPherson's.

How many products does MacPherson's distribute and from how many brands?

MacPherson's distributes over 50,000 products from more than 200 brands to retailers worldwide.

Where is MacPherson's headquartered and where are its warehouses located?

MacPherson's is headquartered in Suwanee, Georgia, with warehouses in Suwanee and Reno, Nevada.

What is the range of loan commitments offered by CIT Northbridge Credit?

CIT Northbridge Credit provides revolving and term loan commitments ranging from $15 million to $150 million to middle-market companies.