CIT Group said it has provided new financing to Wakefern Food Corp.
Wakefern, Keasbey, N.J., is the principal supplier to member-owned supermarkets that trade under the ShopRite and PriceRite banners. Through its wholly owned subsidiaries, Wakefern also directly operates 83 supermarkets under the ShopRite and PriceRite banners.
Proceeds of the facility will be used to finance new equipment and grocery store upgrades. Terms of the transaction were not disclosed.
“We’re pleased we could leverage our middle-market and supermarket industry expertise to provide this financing to Wakefern,” Burt Feinberg, president of CIT Corporate Finance, Commercial & Industrial said in a statement. “The company delivers consistent revenue growth. 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.”
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Doug Wille, CFO of Wakefern, said, “CIT worked closely with us to develop a customized financial solution that will help us pursue our growth objectives. Having recently welcomed the 49th member to our cooperative, we’re excited to deploy this financing to continue to help the independent retailers who make up our membership-base prosper in a competitive sector and deliver an outstanding shopping experience to customers at our ShopRite and PriceRite stores.”
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