CIT Retail & Restaurant Finance, a unit of CIT Group Inc., provided a loan to Bertucci’s Corp. Financial terms weren’t announced. Bertucci’s, a portfolio company of Levine Leichtman Capital Partners, owns and operates Italian casual dining restaurants.
NEW YORK & NORTHBOROUGH, Mass.–(BUSINESS WIRE)–CIT Group Inc. (NYSE:CIT) cit.com, a leading provider of commercial lending and leasing services, today announced that CIT Retail & Restaurant Finance served as Sole Lead Arranger in a senior secured credit facility to Bertucci’s Corporation (Bertucci’s), 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, a Los Angeles, California-based investment firm. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“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.”
Bill Freeman, Chief Executive Officer of Bertucci’s, said, “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. Additionally, our bar areas are being refreshed or expanded to further enhance the guest’s experience. 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.”
Chris Esposito, Managing Director, CIT Retail & Restaurant Finance, said, “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.”
Eric Toizer, Managing Director, CIT Sponsor Finance, added, “Bertucci’s has more than 30 years of market experience that has led to a loyal and dedicated customer base. They are known for their signature brick-oven offerings and have demonstrated the ability to increase market share. We’re glad to play a significant role in this transaction and further support the company’s growth strategies.”
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Since 1981, Bertucci’s Italian Restaurant has served customers with hospitality and warmth. Today, Bertucci’s operates 88 locations in 10 states and the District of Columbia. At Bertucci’s, you can always expect a little more. It starts with handcrafted food, genuine hospitality and our unique, 650-degree brick oven. Everything we make, from our famous rolls to pasta, pizza, salads, wings and desserts, is made to order using only the freshest ingredients. Because at Bertucci’s, our secret ingredient is refusing to use “secret ingredients.” Bertuccis.com.
About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners (LLCP) is a Los Angeles, California-based private investment firm that has managed approximately $7 billion of institutional capital since its inception. LLCP invests in middle market companies located in the United States and Europe. LLCP invests its capital through private equity partnerships and various debt and leveraged loan funds. LLCP is currently making new investments through Levine Leichtman Capital Partners V, L.P.; Levine Leichtman Capital Partners SBIC Fund, L.P.; Levine Leichtman Capital Partners Private Capital Solutions, L.P.; Levine Leichtman Capital Partners Europe, L.P. and LLCP Co-Investment Fund, L.P. LLCP has offices in Los Angeles, New York, Dallas, Chicago, London and The Hague. llcp.com
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 more than 30 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