NEW YORK, Nov. 16, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Asset-Based Lending business provided a credit facility to The Stepping Stones Group to accommodate the business' seasonal working capital needs during the school year.
The Stepping Stones Group, a portfolio company of Leonard Green and Partners, is a provider of therapeutic, behavioral and autism services to children with developmental delays in school, home and center-based settings. The business operates in 45 states offering both functional and academic services in the following areas: related therapy, autism, behavioral, special education, and school nursing.
"We are pleased to work with First Citizens Bank's Asset-Based Lending team to secure this important financing, allowing our business to pursue its strategic objectives and continue the important work being done by The Stepping Stones Group," said Sean Byrne, Chief Financial Officer at The Stepping Stones Group.
"The Stepping Stones Group's innovative business model has allowed them to make incredible strides in the behavioral health services space," said Chris Esposito, group head for Asset-Based Lending at First Citizens Bank. "We were pleased to assist them with this financing and look forward to future opportunities to work with them again."
"This transaction illustrates our focus and commitment to building strong relationships with both clients and private equity sponsors by providing creative solutions to support their unique needs in order to grow their business," said Santiago Coleman, a managing director for Asset-Based Lending.
First Citizens Asset-Based Lending, part of the company's Commercial Finance group, meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.
SOURCE First Citizens Bank