CIT Group Inc. announced that it arranged and syndicated a $90 million senior secured credit facility to The Levy Group Inc., a designer, manufacturer, importer, marketer and distributor of men’s and women’s outerwear, dresses, active sportswear and men’s tailored clothing. CIT Commercial Services served as sole lead arranger, bookrunner and syndication agent for the transaction. CIT Commercial Services will also serve as administrative agent, collateral agent, documentation agent and a lender in the facility.
“We are proud to support The Levy Group through this financing, which will help the company continue to grow and diversify its business,” said Jon Lucas, President of CIT Commercial Services. “We have a strong relationship and have worked closely with The Levy Group for the past 20 years. This transaction is representative of our knowledge and expertise in the retail and apparel sectors and our unmatched client service in the industry.”
Marc Heller, Northeast Regional Manager and International Manager, CIT Commercial Services, added, “The Levy Group is a family owned business that has been operating for more than 65 years and is a leader in its field. We are pleased we could put a financing solution in place that helps them continue to grow their business, and we look forward to assisting the company achieve its short- and long-term goals.”
Donald Levy, President of The Levy Group, said, “Our relationship with CIT over the last two decades has been instrumental to the success of our company. CIT understands our business, is a leader in our industry and is a trusted resource.”
For over 65 years, The Levy Group Inc. and its affiliates, have been designing, manufacturing, importing and distributing men’s and women’s outerwear, dresses, suits and active sportswear to major retailers throughout the United States and abroad. The company is headquartered in New York City and is run by third-generation Levys. The fourth generation is already working in the company. The company sells its merchandise under licensed brands, private label, as well as its own proprietary labels. The company’s proprietary labels include Dawn Levy, Moose Knuckles, Halifax and Braetan. The company has licensing agreements with major brands including Nautica, Perry Ellis, Laundry, Buffalo, Betsey Johnson and Vera Wang.
CIT Commercial Services is one of the nation’s leading providers of factoring and financing to consumer product companies. It tailors business credit solutions that help companies increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses. Its clients are vendors that sell to a broad range of public and private retailers, wholesalers and distributors across the nation and abroad.