Business & Finance
Business and Finance
Business and Finance
Tue, February 24, 2009 CIT Provides Financing for Acquisition of Greg Norman Collection
NEW YORK--([ BUSINESS WIRE ])--[ CIT Group Inc ]. (NYSE: CIT), a bank holding company, today announced that it has provided a senior secured credit facility to The Tharanco Group for its acquisition of [ Greg Norman Collection ], a leading worldwide marketer of golf-inspired sportswear. Tharanco is a leader in the apparel industry with a portfolio of luxury brands and private label offerings. 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 Haresh Tharani and Tharanco as they add this golf lifestyle brand to their portfolio," said [ John Daly ], President of [ CIT Trade Finance ]. "This transaction underscores CIT's commitment to the fashion and apparel industry and our dedication to supporting clients with financing solutions that help them achieve their business goals."
Haresh Tharani, CEO of The Tharanco Group, said, "We have a longstanding relationship with CIT and are pleased to be working with them as we continue expanding into broader lifestyle categories."
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About Greg Norman Collection
Built upon a unique combination of performance, luxury and style, Greg Norman Collection is a leading worldwide marketer of golf-inspired sportswear for men and women. Established in 1992, Greg Norman Collection is inspired by one of the world's leading golf professionals, the man they call "The Shark." Reflecting his adventurous spirit and confident, independent style, the Collection captures Greg Norman's powerful elegance, enthusiasm and passion for an individual design sense.
About The Tharanco Group
The Tharanco Group, a leader in the apparel industry, guides a portfolio of acclaimed luxury brands and private label offerings. The Group's first operating company was founded in 1998 and has since expanded under the guidance of founder and Chairman Haresh T. Tharani.
About CIT
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in managed assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in aerospace, equipment and rail leasing, small business and middle market lending, vendor financing and factoring. Founded in 1908 and headquartered in New York, CIT is a member of the S&P 500 and Fortune 500. [ www.cit.com ]
