CIT Group Inc., a leading provider of commercial lending and leasing services, announced that CIT Retail & Restaurant Finance served as Sole Lead Arranger in a senior secured credit facility to Bertucci’s Corporation [Bertucci’s], an owner and operator of Italian casual dining restaurants with locations from New England to Virginia. Bertucci’s is a portfolio company of Levine Leichtman Capital Partners, a Los Angeles, California-based investment firm. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This financing will help provide for ongoing capital needs of the company and facilitate Bertucci’s plans to extend its Bertucci’s Kitchen reimage program,” says Lauren Leichtman, CEO of Levine Leichtman. “We’re pleased to once again call on CIT for its financing expertise and its deep knowledge of the restaurant sector.”
Bill Freeman, chief executive officer of Bertucci’s, adds, “We’re excited about our Bertucci’s Kitchen reimage program. It emphasizes our iconic brick-oven experience and centers on promoting the open kitchen with theater-style cooking. We believe that watching your food being prepared is an integral part of the dining experience. Additionally, our bar areas are being refreshed or expanded to further enhance the guest’s experience. With the support of an experienced restaurant investor like Levine Leichtman and the financing acumen of CIT, we had the confidence this transaction would close quickly and smoothly.”
Chris Esposito, managing director, CIT Retail & Restaurant Finance, says, “We’re pleased to provide this financing to Bertucci’s to help further their growth plans. This transaction highlights our deep experience in the restaurant sector and our ability to develop creative financing solutions for our middle market customers. We look forward to further building our relationship with Levine Leichtman.”
Eric Toizer, managing director, CIT Sponsor Finance, adds, “Bertucci’s has more than 30 years of market experience that has led to a loyal and dedicated customer base. They are known for their signature brick-oven offerings and have demonstrated the ability to increase market share. We’re glad to play a significant role in this transaction and further support the company’s growth strategies.”