CIT Provides $34 Million of Senior Secured Credit Facilities to The Sun Valley Group
July 14 2016 - 8:30AM
Business Wire
- The Sun Valley Group Is the Largest
Supplier of Cut Flowers in the United States
- Facilities Will Be Used for Working
Capital and Recapitalization
CIT Group Inc. (NYSE:CIT), cit.com, a leading provider of
commercial lending and leasing services, today announced that CIT
Corporate Banking provided $34 million in senior secured credit
facilities to The Sun Valley Group, the largest supplier of cut
flowers in the United States. The financing will be used for
working capital and recapitalization of the company. Financing was
provided by CIT Bank, N.A., the principal bank subsidiary of CIT.
Terms of the transaction were not disclosed.
Lane DeVries, Chief Executive Officer of The Sun Valley Group,
said, “As the largest flower grower in the United States, producing
over 30 flower varieties with distribution throughout the U.S. and
Canada, our high-quality growing facilities are ideally situated in
climates that benefit from year-round growing conditions. This
financing from CIT will support our ongoing operations and future
growth as we continue to deliver exceptional quality flowers to our
customers.”
John Farrace, Group Head and Managing Director, CIT Corporate
Banking, said, “The Sun Valley Group encompasses a family of
quality floral brands and distinguishes itself on the basis of its
quality control, state-of-the-art technologies, and superior bulb
and flower stock. We developed a tailored financial solution to
support The Sun Valley Group’s long-term strategy and look forward
to growing this important new relationship.”
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About The Sun Valley Group
In operation for over 40 years, The Sun Valley Group (SVG) began
in Myrtle Point, Oregon, where a high school agriculture teacher
and one of his students founded the farm with five acres of irises
and daffodils. Today, SVG is the largest flower grower in the
United States, with distribution throughout the U.S. and Canada.
SVG goes to market with a family of quality floral brands,
including Sun Valley Floral Farms, Pleasant Valley Flowers, Sun
Pacific Bouquet and West Coast Evergreen; the Orchid, Sonata, Love,
Royal, Lilytopia, and Dublet Lilies brands; and the Redwood Grove
French Tulips brand. thesunvalleygroup.com
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $65 billion in assets. Its principal bank
subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has
more than $30 billion of deposits and more than $40 billion of
assets. It provides financing, leasing, and advisory services
principally to middle market companies across a wide variety of
industries primarily in North America, and equipment financing and
leasing solutions to the transportation sector. It also offers
products and services to consumers through its Internet bank
franchise and a network of retail branches in Southern California,
operating as OneWest Bank, a division of CIT Bank, N.A. cit.com
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CIT MEDIA RELATIONS:Matt Klein, 973-597-2020Director,
Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, 973-740-5058Senior Vice
PresidentBarbara.Callahan@cit.com
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