CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it has provided a senior secured credit facility to Trina Turk, a Los Angeles-based designer and manufacturer of women’s contemporary clothing and home furnishings. The funds will support a growth investment in the company by KarpReilly, LLC, a private investment firm. Terms of the transaction were not disclosed.
Financing for the deal was completed by CIT Commercial Services, a unit of CIT and a leading provider of factoring, credit protection, accounts receivable management and lending services for consumer products companies.
“We are pleased to support fashion icon Trina Turk in her expansion efforts,” said John Daly, President of CIT Trade Finance. “This transaction underscores our commitment to the fashion and apparel industry and our dedication to supporting clients with financing solutions that help them achieve their business goals.”
Trina Turk, Founder and CEO of the company bearing her name said, “We have a longstanding relationship with CIT and are pleased to be working with them as we continue expanding into broader lifestyle categories.”
Adam Burgoon, partner of KarpReilly said, “We have worked with CIT on several consumer products transactions. Their depth of knowledge and experience in the apparel industry makes them a great long-term partner for a high growth company like Trina Turk.”
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About Trina Turk
Founded in 1995 and headquartered in Los Angeles, Trina Turk began as a designer and manufacturer of a women’s contemporary clothing collection. The company has successfully extended its lifestyle appeal to include a swimwear license with Apparel Ventures, a license for sun-resistant, water-resistant printed home furnishings fabrics with Schumacher launching for Spring 2009, and plans to extend into broader lifestyle categories. Current distribution includes Nordstrom, Neiman Marcus, Bloomingdales, better specialty boutiques across the country and Trina Turk retail stores in Palm Springs, Los Angeles, and New York, with two additional doors opening in Burlingame, California and Fashion Island in Newport Beach, California in November of 2008.
About KarpReilly
KarpReilly, LLC is a private investment firm, founded by Allan Karp and Chris Reilly, whose primary mission is to partner with premier small to mid-size growth companies and help them achieve their long-term vision. KarpReilly currently manages funds and affiliates with initial capital commitments totaling $300 million. Over the past 15 years, the principals of KarpReilly have invested in, sat on the boards of and nurtured over 25 consumer growth companies. Among the notable companies that the principals of KarpReilly have invested in are Charlotte Russe, Spyder Active Sports, and Tommy Bahama, among others.
About CIT Commercial Services
CIT Commercial Services, a leading provider of lending services, credit protection, factoring and accounts receivable management services for consumer product companies, agented and funded the transaction. It specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other consumer products industries that sell into retail channels of distribution.
About CIT
CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $70 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com
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