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CIT Northbridge Serves as Sole Lead Arranger on $20MM Credit Facility for Laurel Grocery

December 03, 2020, 07:00 AM
Filed Under: Distribution

CIT Group announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $20 million senior secured credit facility for Laurel Grocery Company LLC.
Headquartered in London, Kentucky, Laurel Grocery is a wholesale distributor of grocery products to more than 160 independent grocers in Georgia, Indiana, Kentucky, Ohio, Tennessee and West Virginia. The company, founded in 1922, also provides a range of business services, including accounting, insurance, merchandising, advertising and third-party warehousing and logistics.

Proceeds will be used to repay debt, finance growth initiatives and support ongoing operations.

"With consumers cooking and dining more at home, we're seeing increased demand by grocers for the products they need to keep their shelves stocked with perishable and non-perishable items," said Laurel Grocery CEO Winston Griffin. "We appreciated the expertise of the CIT Northbridge team in arranging the financing we use to support our operations and help our customers succeed."

"Laurel Grocery is a leading distributor with a long tradition of serving independent grocers in the South and Midwest," said Neal Legan, who leads CIT Northbridge. "We were pleased to work closely with the company's leadership to understand their needs and develop the financing to support their business strategy."

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