NEW YORK, November 16, 2021 / PRNewswire / – CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, on the advice of CIT Asset Management LLC, has been the sole principal arranger of a senior secured credit facility to support the acquisition of Baker & Taylor LLC, a leading provider of books, digital content and technology solutions for public and academic libraries.
Baker & Taylor, headquartered at Charlotte, North Carolina, was acquired from Follett Corp. by a private investment group led by Amandeep Kochar, who was previously Managing Director and Executive Vice President of Baker & Taylor.
“As the US economy continues to recover from the pandemic, we see attractive potential to expand our business with public and academic libraries in need of content and services to support their readers and researchers,” Kochar said, who is now Baker & Taylor CEO and Chairman. “We appreciated the expertise and agility of the CIT Northbridge team in rapidly assembling this financial acquisition package.
“With a 190-year history of success and close relationships with the industry, Baker & Taylor is well positioned to thrive as students, academics and the general public return to their favorite libraries in search of print and digital content. and other information services, ”said Neal legan, who runs CIT Northbridge. “We were delighted to work closely with the management of the company to organize the financing in order to finalize this transaction and establish a solid and united relationship.
CIT Northbridge Credit is a trusted financial partner that supports mid-market businesses with a wide range of flexible, asset-based debt solutions. Joint venture advised by CIT Asset Management, it provides renewable and term loan commitments of $ 15 million To $ 150 million businesses across various industries and economic cycles, and primarily serves as a sole lender, agent, club member, or co-lender.
About the CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to achieve their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a primary banking subsidiary, CIT Bank, NA (FDIC member, Equal Housing Lender). The Company’s commercial banking segment includes trade finance, community association banking, middle market banking, equipment and vendor finance, factoring, railcar finance, freight forwarding services. treasury and payments, as well as capital markets and asset management. CIT’s personal banking segment includes a national direct bank and a network of regional branches. Find out more at cit.com/about.
John M. Moran
SOURCE CIT Group inc.