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Wakefern Food Corp. has received financing from CIT Bank, the U.S. commercial bank subsidiary of CIT Group Inc., a Livingston, N.J.-based provider of commercial lending and leasing services, with the proceeds to go toward new equipment and store upgrades. Terms of the transaction weren’t disclosed.
"CIT worked closely with us to develop a customized financial solution that will help us pursue our growth objectives," said Doug Wille, CFO of Keasbey, N.J.-based Wakefern.
"The company delivers consistent revenue growth," noted Burt Feinberg, president of CIT Corporate Finance, Commercial & Industrial, of Wakefern. "We look to further build on our already long-standing relationship as they continue to invest in their ShopRite and PriceRite locations while enhancing the services they offer to their members."
Added Kevin Ronan, director, CIT Capital Equipment Finance: "Wakefern is a strong company that, even during the downturn, was able to show revenue increases. Its members have the cooperative benefit of the company's $11 billion in purchasing power and retail support services providing members with the unique ability to compete with the larger chains."
Wakefern's 50 members operate more than 250 supermarkets under the ShopRite and The Fresh Grocer banners in New Jersey, New York, Connecticut, Pennsylvania, Maryland and Delaware. Through its wholly owned subsidiaries, Wakefern also directly operates 83 ShopRite and PriceRite stores.