CIT Northbridge Credit has provided a $75 million credit facility to MVP Staffing. The financing will be used for growth. Based in Deerfield, Illinois, MVP is a provider of back-office solutions for payroll and workers’ compensation benefits for small and mid-sized staffing companies.
NEW YORK, Jan. 9, 2020 /PRNewswire/ — CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, through its investment advisor CIT Asset Management LLC, served as sole lead arranger on a $75 million senior secured credit facility for MVP Staffing.
Headquartered in Deerfield, Illinois, MVP Staffing is a leading technology-enabled provider of back-office solutions for payroll and workers’ compensation benefits for small and mid-sized staffing companies throughout the U.S.
“We were impressed by the agility and expertise of the CIT Northbridge team in understanding our financing needs and developing a credit facility that will allow us to grow while continuing to serve our customers,” said Danny Barnett, CEO of MVP Staffing.
“We are pleased to have the opportunity to leverage our extensive industry experience to provide MVP Staffing the operating flexibility necessary to execute on its business strategy,” said Neal Legan, who leads CIT Northbridge.
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments solutions, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.