CIT Serves as Joint Lead Arranger on $175 Million Financing for MSTS®
NEW YORK, Oct. 21, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending and Sponsor Finance businesses, both part of the Commercial Finance division, collaborated to serve as joint lead arranger on $175 million financing for MSTS, a B2B payment and credit solutions provider.
Headquartered in Overland Park, Kansas, MSTS, a global leader in B2B payment and credit solutions, facilitates $6 billion in transactions per year in 17 currencies for customers in over 190 countries. The company specializes in payment and credit management for B2B companies across transportation, manufacturing and distribution, retail, eCommerce, and marketplaces.
"Our business is poised for continued growth and this financing will be an important factor in helping to realize that potential," said Brandon Spear, CEO of MSTS. "We worked closely with CIT and were impressed by its agility and expertise in making this financing a reality."
"This is our second transaction with CIT, and we appreciate their partnership and ability to navigate this financing to a successful and timely closing," said Jeremy Schein, Partner at Corsair Capital, which recently acquired MSTS.
"Asset-based financing was the right solution for MSTS as it looks to support its customers and pursue its growth agenda," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We were pleased to support MSTS with financing needed to help achieve their business goals."
"MSTS has a strong track record of performance in the B2B payment and credit sector and we appreciated the opportunity to support their continued business development," said Jeff Kilrea, managing director and group head for CIT's Sponsor Finance business.
CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
CIT's Sponsor Finance group provides cash flow and asset based senior debt for private-equity backed transactions in the middle market throughout the United States. With commitments to companies owned by private equity sponsors across numerous industries, CIT is one of the largest providers of capital to middle market businesses.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About MSTS
MSTS is a global leader in B2B payment and credit solutions, facilitating $6 billion in transactions per year in 17 currencies for customers in more than 190 countries. Our cutting-edge Credit as a Service® (CaaS) solution is setting the stage for the future of omni-channel B2B payments. The company specializes in payment and credit management for B2B companies across transportation, manufacturing and distribution, retail, eCommerce, and marketplaces. MSTS' Credit as a Service solution is a suite of applications and services that facilitates B2B payments by extending terms, handling invoicing and managing collections.
About Corsair Capital
For the past 28 years, Corsair Capital has invested in many of the sub-sectors that comprise the financial services ecosystem in Europe and North America and has developed a leading practice aligning with strong management teams and co-shareholders to grow specialist businesses. In particular, Corsair has focused on businesses that operate at the crossroads of technology transformation and financial services complexity and that require a deep understanding of, and a global network within, the broad financial industry. More information about Corsair Capital may be accessed through the website www.corsair-capital.com.
MEDIA RELATIONS:
John M. Moran
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SOURCE CIT Group Inc.
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