CIT Group Inc. announced that CIT Corporate Finance provided a $20 million senior secured loan to Mesilla Valley Transportation (MVT), one of the largest locally-owned transportation providers in Western Texas and Southern New Mexico. The financing will be used to acquire multiple new 2014 International Prostar Sleeper Tractors and 2014 Great Dane Dry Van Trailers. Financing was provided by CIT Bank, the U.S. commercial bank subsidiary of CIT. Terms of the transaction were not disclosed.
“This transaction provides Mesilla Valley Transportation an opportunity to build its fleet as it continues to serve as a leading provider of transportation services in the Southwest, ” said Vince Belcastro, Managing Director and Group Head of CIT Capital Equipment Finance. “We are committed to our middle market clients and proud to support MVT’s growth strategy in the refrigerated and dry freight transportation services as they look to keep the wheels of commerce in motion.”
Dean Rigg, Chief Financial Officer of Mesilla Valley Transportation, said, “We chose CIT because they understood the nuances of the long-distance freight trucking market. As one of the most fuel efficient carriers in the industry, we also maintain one of the youngest fleets. To remain a leader in the sector, new equipment is essential. CIT thoroughly understood our needs and helped us close the transaction in a timely manner. We look forward to continuing our relationship with CIT.”
Located in Las Cruces, New Mexico, and El Paso, Texas, Mesilla Valley Transportation began in 1981 hauling primarily refrigerated/perishable goods, as a small, independent fleet in the Southwest. Today Mesilla Valley Transportation is one of the largest locally-owned transportation providers in Western Texas and Southern New Mexico. The company specializes in time sensitive service between major manufacturing areas in the U.S., Canada and Mexico borders.
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including: Chemicals, Commercial Real Estate, Communications, Energy, Entertainment, Gaming, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, and Sports & Media.