CIT Northbridge Credit Serves as Agent on $40 Million Financing to Biery Cheese

Rhea-AI Summary

CIT Northbridge Credit, a division of First Citizens Bank, announced a $40 million revolving credit facility for Biery Cheese to refinance existing debt and enhance production capacity. This financing aims to support Biery Cheese's operational growth and diversify its customer base. The company produces up to 130 million pounds of cheese annually from its Louisville, Ohio facility. Biery Cheese's CEO, Ben Biery, expressed gratitude for CIT's assistance in their strategic financing, highlighting the company's long-standing reputation and experienced management team.

Positive

• CIT Northbridge Credit provided a significant $40 million revolving credit facility to Biery Cheese.
• The financing will refinance existing debt and provide additional liquidity for increased production.
• Biery Cheese has a strong production capacity of up to 130 million pounds of cheese annually.

Negative

• None.

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.

About CIT
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.

MEDIA RELATIONS:
Lexa Tutela
212-461-5305
Lexa.Tutela@firstcitizens.com 

 

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the purpose of the $40 million financing provided to Biery Cheese?

The $40 million financing is intended to refinance Biery Cheese's existing debt and provide liquidity for increased production.

Who is providing the $40 million credit facility to Biery Cheese?

The credit facility is provided by CIT Northbridge Credit, a division of First Citizens Bank.

What capacity does Biery Cheese have for cheese production?

Biery Cheese has a production capacity of up to 130 million pounds of cheese annually at its Louisville, Ohio facility.

When was the financing deal for Biery Cheese announced?

The financing deal was announced on October 4, 2022.

What role did Croley, Martell & Associates play in the financing of Biery Cheese?

Croley, Martell & Associates served as the advisor on the refinancing and referred the transaction to CIT Northbridge Credit.