NEW YORK — CIT, a division of First Citizens Bank, today announced that CIT Credit Northbridge, advised by CIT Asset Management LLC, served as agent on a $40 million revolving credit facility extended to Biery Cheese. The credit facility refinances Biery Cheese’s existing senior debt and provides additional liquidity to support increased production. Croley, Martell & Associates, Ltd. acted as advisor for the refinancing and referred the transaction to CIT Northbridge Credit.
“This funding supports us as we continue to ramp up our production, diversify our customer base and explore new opportunities,” said Ben Biery, CEO of Biery Cheese. “We appreciate the expertise and efficiency of the CIT Northbridge Credit team throughout the financing process, as well as the guidance of our advisors at Croley, Martell & Associates.”
Founded in 1929 and spanning four generations, Biery Cheese operates a large-scale manufacturing and distribution operation offering natural and processed cheeses in a variety of pre-packaged forms to retailers, food service companies, distribution centers and manufacturing companies. . The company’s flagship plant in Louisville, Ohio has the capacity to support up to 130 million pounds of cheese production per year.
“Biery Cheese is a long-standing family business with established brand recognition and an experienced management team,” said Neal Legan, who leads CIT Northbridge Credit. “We are delighted to provide this funding to strengthen Biery Cheese’s strategy, and we appreciate the important role that Croley, Martell & Associates has played in the process.
“Biery Cheese is managed by a team of industry experts with a clear vision for the future,” said Cliff Croley, Partner at Croley, Martell & Associates. “We are grateful to have the opportunity to advise Biery Cheese throughout this refinancing, as well as to work with the knowledgeable professionals at CIT Northbridge Credit.”
CIT Credit Northbridge is a trusted financial partner supporting middle market businesses with a wide range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments of $15 million to $150 million to companies in various industries and economic cycles, and primarily serves as sole lender, agent, club participant or co-lender.
CIT is a division of First Citizens Bank, America’s largest family-owned bank, carrying on a unique legacy of strength, stability and long-term thinking that has spanned generations. The parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 US financial institutions with over $100 billion in assets. The Company’s Commercial Banking segment provides a wide range of premier lending, leasing and banking services to medium and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring deep expertise that helps businesses and individuals achieve their specific goals at every stage of their financial journey. Find out more about cit.com/firstcitizens.