NEW
YORK, July 30, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its CIT Commercial
Services unit provided up to $48
million in financing to Crown Crafts Inc. (NASDAQ-CM: CRWS),
one of America's largest producers of infant bedding, toddler
bedding, bibs, toys and disposable products.
The financing, which included a $5
million upsize to a $40
million committed ABL revolving line of credit and a
$8 million term loan, was used in
part by Crown Crafts to facilitate its recent acquisition of the
assets of Baby Boom Consumer Products, a leading provider in the
toddler bedding and diaper bag categories. In addition to the
financing provided, Crown Crafts also utilizes the industry-leading
factoring services provided by CIT.
"The addition of Baby Boom's
portfolio of branded and licensed products enhances our
presence in the toddler bedding segment, and the addition of diaper
bags expands our offerings to our customers," said Olivia Elliott, Chief Executive Officer of Crown
Crafts. "We appreciated the expertise and flexibility of the CIT
Commercial Services team in arranging this financing to help us
achieve our business goals."
"We are excited to extend our 20-year-plus relationship with
Crown Crafts by providing this latest financing," said Mike Hudgens, president of CIT Commercial
Services. "Their acquisition of the assets of Baby Boom Consumer
Products is another milestone in Crown Crafts' growth trajectory
and we look forward to continuing to serve their financing needs in
the future."
CIT Commercial Services, a subsidiary of First Citizens Bank, is
one of the nation's leading providers of factoring, credit
protection, accounts receivable management, supply chain finance
and lending services to domestic middle market companies.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
About Crown Crafts, Inc.
Crown Crafts, Inc. designs,
markets and distributes infant, toddler and juvenile consumer
products. Founded in 1957, Crown Crafts is one of America's largest
producers of infant bedding, toddler bedding, bibs, toys and
disposable products. The Company operates through its two wholly
owned subsidiaries, NoJo Baby & Kids, Inc. and Sassy Baby,
Inc., which market a variety of infant, toddler and juvenile
products under Company-owned trademarks, as well as licensed
collections and exclusive private label programs. Sales are made
directly to retailers such as mass merchants, large chain stores
and juvenile specialty stores. For more information, visit the
Company's website at www.crowncrafts.com.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank