Revman lands $87M debt package from First Citizens Bank
What's the deal? Revman InternationalDealroom has a profile for this one. Try Dealroom →, a New York home furnishings company, has secured $87 million in financing from First Citizens BankDealroom has a profile for this one. Try Dealroom →. The package increases RevmanDealroom has a profile for this one. Try Dealroom →'s existing asset-based lending revolver to $55 million and adds a new $32 million commercial real estate loan.
What's the endgame? Revman plans to use the money to buy a new distribution facility in Duncan, South Carolina. Founded in 1988, the company designs, sources, and distributes premium bed and bath products — comforters, sheets, quilts, towels, and decorative accessories — sold through major retailers and online across North America and internationally.
Who's involved? CIT Commercial ServicesDealroom has a profile for this one. Try Dealroom → led the financing and will rebrand to Working Capital FinanceDealroom has a profile for this one. Try Dealroom → in the fourth quarter as it moves under the First Citizens Bank name. First Citizens Middle Market BankingDealroom has a profile for this one. Try Dealroom → provided the real estate loan and treasury management solutions.
Revman holds licensing arrangements with designer brands including NauticaDealroom has a profile for this one. Try Dealroom →, Vera WangDealroom has a profile for this one. Try Dealroom →, Tommy BahamaDealroom has a profile for this one. Try Dealroom →, WranglerDealroom has a profile for this one. Try Dealroom →, MarimekkoDealroom has a profile for this one. Try Dealroom →, and Laura AshleyDealroom has a profile for this one. Try Dealroom →.
What they said: "First Citizens Bank was able to deliver critical financing that will help us grow our business," said Richard Roman, chief executive officer of Revman International.
Mike Hudgens, head of Working Capital Finance at First Citizens Bank, called Revman "a trusted leader in the home fashions industry" and "a long-standing client."
The signal: At $87 million, the deal sits in the top fifth of financings by size — a sizeable commitment that reflects lenders' willingness to back established, asset-heavy businesses expanding their physical footprint rather than early-stage bets.
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