CIT Group announced that its Sponsor Finance business, part of the Commercial Finance division, served as joint lead arranger and joint bookrunner for a $70 million financing on behalf of Estyle Holdings Inc., makers of Eco Style hair gel and a wide range of other beauty and personal care products.

Based in Jacksonville, Florida, Estyle sells its products through distributors, beauty supply stores and leading national retail chains, targeting multicultural consumers.

The new $70 million senior secured financing consists of a revolving credit facility, delayed draw term loan and a term loan to support the recapitalization of the company by Clarion Capital Partners.

“We are pleased to partner with CIT on this transaction,” said Edward Martin, Principal of Clarion Capital Partners. “CIT worked proactively and constructively through a difficult environment to support this transaction. We look forward to continuing that partnership approach with CIT to support the business to achieve its future strategic plans.”

“We are pleased to arrange financing to support Clarion’s investment in Estyle and are looking forward to supporting the company’s continued growth,” said David Harnisch, CIT’s president of Commercial Finance and Real Estate.