CIT Retail & Restaurant Finance was the Sole Lead Arranger in a senior secured credit facility to Bertucci’s Corporation, an owner and operator of Italian casual dining restaurants with locations from New England to Virginia. Bertucci’s is a portfolio company of Levine Leichtman Capital Partners.
“We’re pleased to provide this financing to Bertucci’s to help further their growth plans. This transaction highlights our deep experience in the restaurant sector and our ability to develop creative financing solutions for our middle market customers. We look forward to further building our relationship with Levine Leichtman,” said Chris Esposito, Managing Director, CIT Retail & Restaurant Finance.
CIT provides lending, leasing and other financial and advisory services to the small business and middle market sectors with a focus on specific industries, including: chemicals, commercial real estate, communications, energy, entertainment, gaming, healthcare, industrials, information services & technology, restaurants, retail, and sports & media (www.cit.com/corporatefinance). CIT is a bank holding company with more than $65 billion in assets. CIT was founded in 1908 and is based in New York (www.cit.com).
“This financing will help provide for ongoing capital needs of the company and facilitate Bertucci’s plans to extend its Bertucci’s kitchen reimage program,” said Lauren Leichtman, CEO of Levine Leichtman. “We’re pleased to once again call on CIT for its financing expertise and its deep knowledge of the restaurant sector.”
Bertucci’s was founded in 1981 and operates 88 locations in 10 states and the District of Columbia (www.Bertuccis.com). “We’re excited about our Bertucci’s kitchen reimage program. It emphasizes our iconic brick-oven experience and centers on promoting the open kitchen with theater-style cooking. We believe that watching your food being prepared is an integral part of the dining experience,” said Bill Freeman, CEO of Bertucci’s. “With the support of an experienced restaurant investor like Levine Leichtman and the financing acumen of CIT, we had the confidence this transaction would close quickly and smoothly.”
Levine Leichtman manages approximately $7 billion of capital through private equity partnerships, distressed debt and leveraged loan funds. The firm is based in Los Angeles with offices in Chicago, Dallas, New York, London and The Hague (www.llcp.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 10-20-15