CIT Provides Financing to The Fragrance Outlet
NEW YORK, September 11, 2013-- CIT Group Inc. (CIT) cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it provided a senior secured credit facility to The Fragrance Outlet (TFO), a national retailer of perfumes and colognes.
The facility will be used to continue to grow the Company’s significant outlet mall presence, as well as develop the “Spritz” brand of stores for traditional malls. TFO is a portfolio company of Parallel Investment Partners, a leading institutional private equity firm focused exclusively on investing in North American lower middle market growth companies.
CIT Corporate Finance served as Sole Lender and Lead Arranger for the transaction. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“CIT is pleased to be able to support the growth of The Fragrance Outlet by providing this credit facility,” said Bob Bielinski, Managing Director of CIT Corporate Finance, Retail and Restaurants. “Over the last few years, The Fragrance Outlet has taken steps to position themselves for success, and we look forward to growing our relationship in the years to come.”
Scott Kanter, Chief Financial Officer of The Fragrance Outlet, said, “Coming out of the recession, we are looking to grow into new markets. Our customers are seeking competitively priced designer fragrance offerings within convenient mall and outlet center store locations where a key to our success has been our broad well-organized product displays supported by our knowledgeable sales staff. CIT’s deep industry knowledge and flexible financing structures played a key role in this transaction and provides us additional resources to further expand our operations and continue to grow.”
Jed Johnson, Managing Director of Parallel Investment Partners, said, “We selected CIT because they were able to close this transaction in an efficient and speedy manner. This financing helps The Fragrance Outlet continue to build its brand recognition with consumers, expand their geographic footprint and enhance its inventory.”
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About The Fragrance Outlet
The Fragrance Outlet (TFO) is a rapidly-growing specialty retailer of brand name fragrances offering a wide assortment of men’s and women’s perfume, cologne and related products at discounts ranging from 15%-70% below traditional department store prices. The Company operates over 70 outlet mall-based stores across the United States and is opening additional new stores every month.
About Parallel Investment Partners
Parallel Investment Partners is a sector-focused private equity firm committed to investing exclusively in North American lower middle-market growth companies. Parallel sponsors equity investments of $7.5 million to $30 million to support recapitalizations, minority growth capital investments, and buyouts of companies with revenues and EBITDA of at least $10 million and $3 million, respectively. Over the last 13 years, Parallel has invested approximately $329 million of equity capital in 28 companies. parallelip.com
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Business Services, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media. cit.com/corporatefinance
About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is the U.S. commercial bank subsidiary of CIT Group Inc. (CIT). It provides lending and leasing to the small business, middle market and rail sectors. Through its online bank, BankOnCIT.com, CIT Bank offers a suite of savings options designed to help customers achieve a range of financial goals. As of June 30, 2013, it had $11.1 billion of deposits and $13.9 billion of assets. cit.com/CITBank
Founded in 1908, CIT (CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com
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