CIT Group has provided a senior secured asset-based credit facility to John Varvatos Enterprises, a designer, retailer, and wholesaler of men’s designer apparel and accessories. The financing was completed in conjunction with the acquisition of the company by Lion Capital, a consumer focused private equity firm, from VF Corporation.
“Given CIT’s depth of experience within the apparel/retail sector, we are pleased to have them as our financing partner on this transaction and we look forward to continuing to build our relationship as we further grow the business,” said Jacob Capps, Partner of Lion Capital.
The financing was provided by CIT Bank for working capital, capital expenditures, and general corporate purposes. CIT Retail Finance served as Sole Lender and Administrative Agent for the financing.
John Varvatos Enterprises is a designer, retailer, and wholesaler of men’s designer apparel and accessories. Products include footwear, bags, belts, eyewear, limited-edition watches and men’s fragrances. The company is based in New York, NY (www.johnvarvatos.com).
“John Varvatos is top of mind when people think of great men’s apparel brands,” said Burt Feinberg, Group Head of CIT Retail Finance and CIT Commercial & Industrial. “We were pleased to have structured and financed this transaction, which will provide the company with additional funds to continue to grow its business.”
Lion Capital makes investments in consumer businesses in Europe and North America. With offices in London and New York, the firm’s principals have led the investment of €6 billion of equity capital in consumer businesses across Europe and North America totaling over €19 billion of enterprise value (www.lioncapital.com).
CIT is a bank holding company with more than $34 billion in assets. Sectors of interest include small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT was founded in 1908 and is based in New York, NY (www.cit.com).