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CIT Provides Financing for Rosser Capital’s Investment in PetPeople

July 29, 2014, 07:32 AM
Filed Under: Retail

CIT Group Inc. provided a senior secured credit facility to support Rosser Capital Partners’ significant investment in PetPeople, a specialty retail pet supply store that focuses on high quality, natural pet food. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.

“We are pleased that we were able to deploy our middle market retail expertise to support Rosser Capital Partners’ strategic investment in PetPeople,” said Robert Bielinski, Managing Director, CIT Corporate Finance, Retail and Restaurants. “PetPeople has built outstanding customer loyalty while delivering impressive growth. We look forward to building this relationship as Rosser Capital Partners helps PetPeople’s ongoing expansion throughout the Midwest.”

Jacob A. Organek, a Founder and Partner of Rosser Capital Partners, said, “CIT was an ideal financial partner for us as we pursued this transaction. They understood PetPeople’s growth potential and developed a flexible financing solution that enabled us to join with PetPeople to help facilitate the company’s growth initiatives.”

Michael Elkind, President of PetPeople, added, “Just as we pride ourselves on the fact that our associates are dedicated and passionate, with unmatched product knowledge, CIT’s knowledge of the retail market and ability to finance an entrepreneurial company were key components to the success of this transaction. PetPeople is committed to cultivating long-term relationships with customers, the community and our business partners. We look forward to working with CIT and Rosser Capital Partners as we execute our strategy for the future.”

Rosser Capital Partners is a lower middle market investment firm with a focus on investing in restaurant, consumer and retail companies that demonstrate significant growth potential and can benefit from strategic and operational enhancements. Over the last 20-plus years, the principals of Rosser Capital Partners have completed 25 consumer transactions. Rosser Capital Partners is headquartered in Greenwich, CT.

PetPeople is a specialty retail pet supply store, focusing on high quality, natural pet food. The company differentiates itself from competitors in the industry by being a neighborhood place for natural foods and quality supplies for dogs and cats. As of December 2013, the Company operated 20 stores in three states (Ohio, Michigan, and Indiana).

Founded in 1908, CIT is a financial holding company with approximately $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing.

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