CIT Group 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.