CIT Corporate Banking provided $34 million in senior secured credit facilities to The Sun Valley Group, a supplier of cut flowers in the U.S. The facilities will be used for working capital and recapitalization.

Financing was provided by CIT Bank, the principal bank subsidiary of CIT.

Lane DeVries, CEO of The Sun Valley Group, said, “As the largest flower grower in the U.S., producing over 30 flower varieties with distribution throughout the U.S. and Canada, our high-quality growing facilities are ideally situated in climates that benefit from year-round growing conditions. This financing from CIT will support our ongoing operations and future growth as we continue to deliver exceptional quality flowers to our customers.”

John Farrace, group head and managing director, CIT Corporate Banking, said, “The Sun Valley Group encompasses a family of quality floral brands and distinguishes itself on the basis of its quality control, state-of-the-art technologies, and superior bulb and flower stock. We developed a tailored financial solution to support The Sun Valley Group’s long-term strategy and look forward to growing this important new relationship.”

A high school agriculture teacher and one of his students founded The Sun Valley Group in Myrtle Point, OR with five acres of irises and daffodils. Today, SVG distributes flowers throughout the U.S. and Canada.