NEW
YORK, Sept. 3, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Asset-Based
Lending business served as lead arranger in upsizing the
credit facility for SG Credit Partners' asset-based lending
verticals comprised of SG Consumer Products and SG Commercial
Finance, which focus on sponsor-backed CPG companies and the
general lower middle market, respectively.
The upsize increases the credit facility to support SG Credit's
recent addition of its Commercial Finance division as part of its
broader growth strategy of focusing on new lending verticals. SG
Credit Partners is a family-office backed lender with a broad
credit platform consisting of three verticals: Software +
Technology, Consumer Products and Commercial Finance.
The First Citizens Asset-Based Lending team has worked closely
with SG Credit over several years to support their financing needs.
"First Citizens ABL is well known as a premier bank with strong
lender finance capabilities," said Ryan
Woody, COO at SG Consumer Products. "We appreciated their
expertise and agility in arranging additional financing capacity to
meet our unique requirements."
"SG Credit Partners is continuing its growth trajectory,
leveraging its proven ability to develop a well-structured
portfolio," said Chris Esposito,
managing director and group head for First Citizens Asset-Based
Lending. "We're pleased to continue supporting them as they advance
toward their business objectives."
First Citizens' Asset-Based Lending business works to meet
clients' working capital needs by offering innovative structures
that can help reduce funding costs and lower operational risks
while helping to improve earnings by leveraging accounts
receivable, inventory or fixed assets as collateral.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets and
a member of the Fortune 500™. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank
