CIT Group announced the launch of a mid-cap restaurant franchise finance practice to complement its successful large and small restaurant franchise financing businesses.
“CIT franchise finance has long been recognized as a leading provider of innovative, customized restaurant and retail financing and advisory services,” said Steve Solk, President, CIT Business Capital. “With our expanded coverage model for restaurant franchise financing, CIT now provides full market coverage financing solutions for restaurant franchisors and franchisees. We can serve a wide range of industry clients throughout the life of their business, regardless of the number of stores a franchisee owns, or the dollar size or finance structure needed.”
CIT has made two recent appointments to support its growth in the restaurant franchise financing businesses. Matthew Goyette had been appointed Vice President, servicing mid-cap restaurant franchisors and franchisees and Michael Vallorosi was named Managing Director of the large-cap restaurant industry practice.
“Matthew has a great reputation in the restaurant franchise community,” said Solk. “He built strong relationships throughout his career and we are excited to see our clients benefit from his finance structuring experience.”
Goyette served as Vice President of major accounts with CIT’s recently acquired subsidiary, Direct Capital Corporation. He has over 19 years of experience with the organization and was instrumental in growing Direct Capital’s franchise finance division.
Prior to joining CIT, Vallorosi served as Director and Team Leader of the franchise finance practice at TD Bank, where he led a loan originations group that provided financing to franchisees and franchisors of quick service, family, fast casual and casual dining restaurant chains, as well as independent restaurant chains.
“Michael is a skilled leader with deep experience in the restaurant and franchise finance sectors,” said Solk. “We look forward to him driving our efforts to provide senior financing solutions to larger restaurant chains, as well as supporting private equity sponsors that own or acquire companies in the sector.”
Founded in 1908, CIT is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., has more than $30 billion of deposits and more than $40 billion of assets.