CIT Northbridge Provides $85 Million in Financing to CVB Inc.

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First Citizens Bank (FCB) announced that CIT Northbridge Credit provided $85 million in financing to CVB Inc. (CVB), the parent company to a leading mattress, bedding, and furniture vendor and distributor. The financing will be used to refinance an existing asset-based revolver and for working capital. CVB is a well-established company with a wide range of products available across more than 20 online channels and thousands of retail locations.

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

FAQ

What is the financing amount provided by CIT Northbridge Credit to CVB Inc.?

CIT Northbridge Credit provided $85 million in financing to CVB Inc.

What is the core business of CVB Inc.?

CVB Inc. is the parent company to a leading mattress, bedding, and furniture vendor and distributor.

What will the proceeds from the financing be used for?

The proceeds from the financing will be used to refinance an existing asset-based revolver and for working capital.

What type of companies does CIT Northbridge Credit support?

CIT Northbridge Credit supports middle-market companies with a broad range of flexible asset-based debt solutions.

Who advised CIT Northbridge Credit in providing the financing to CVB Inc.?

CIT Northbridge Credit was advised by First Citizens Institutional Asset Management, LLC in providing the financing to CVB Inc.