#United States #New York #commercial real estate #First Citizens Bank #Revman International

Revman International Secures $87 Million Investment Boost from First Citizens Bank

In a significant move for the home furnishing industry, Revman International has announced the receipt of expanded funding totaling $87 million from First Citizens Bank. This financing package comprises an increased asset-based lending (ABL) revolver of $55 million along with a fresh $32 million commercial real estate loan. The funds are strategically aimed at bolstering Revman’s operations and supporting its aggressive expansion plans.

About Revman International

Founded in 1988 and based in New York, Revman International has carved a niche in the market specializing in the design, sourcing, and distribution of premium bed and bath products. Their offerings range from comforters and sheets to quilts and decorative accessories, with a significant presence in major retail stores and online platforms across North America and other international markets.

CEO Richard Roman emphasized the importance of this financing, stating, "First Citizens Bank was able to deliver critical financing that will help us grow our business and provided access to key solutions, including its online banking platform, that are instrumental in managing our operations." He further acknowledged the expertise and collaboration from the bank's team, which is pivotal as Revman continues to scale its business and strengthen partnerships with leading designers and lifestyle brands.

Planned Expansion

With the newly secured funds, Revman plans to acquire a new distribution facility in Duncan, South Carolina. This marks a significant step towards enhancing their operational capabilities and streamlining their supply chain. The acquisition aims to improve efficiency in managing inventory and distribution, crucial for their competitive edge in the bedding and bath market.

Partnership with First Citizens Bank

The financing was primarily facilitated by CIT Commercial Services, which is set to rebrand as Working Capital Finance in the upcoming fourth quarter. This partnership showcases the strength of Revman’s long-standing relationship with First Citizens, reflecting the bank's commitment to providing specialized financial solutions tailored to the needs of their clients.

Mike Hudgens, Head of Working Capital Finance at First Citizens Bank, noted, "Revman International has become a trusted leader in the home fashions industry and has been a long-standing client. By working together across multiple teams in our Commercial Bank, we provided expanded financing and access to additional banking capabilities and solutions. We are thrilled to expand our relationship with Revman and look forward to continuing to support them as they grow and scale their operations."

Looking Ahead

As Revman continues its upward trajectory, the relationship with First Citizens Bank highlights the critical role of strategic financial partnerships in supporting growth. Brendan Chambers, Head of Middle Market Banking at First Citizens Bank, expressed his excitement over the deal, stating, "We are excited to provide Revman with real estate financing as they expand their presence across key markets. First Citizens is committed to delivering specialized financial solutions and expertise that will help our clients at every stage."

Conclusion

The future looks promising for Revman International as it embarks on this new phase of growth with substantial financial backing from First Citizens Bank. As they enhance their infrastructure and capabilities, the company is poised to deepen its footprint in the market, further meeting the demands of consumers seeking high-quality home furnishing products. With a robust portfolio of internationally recognized designer brands, Revman stands ready to leverage this funding to reinforce its market leadership.

For more information about Revman International, visit www.revman.com.