CIT Group is to create a new Logistics Finance unit within its Capital Equipment Finance business to deliver expanded leasing and financing solutions to all stages of the supply chain.
The logistics equipment category broadly includes agriculture, manufacturing, production, packaging, assembly, materials handling, warehousing, support assets and transportation.
Ken Fosina, former executive vice president of ATEL Leasing Corporation and 25-year industry veteran, is joining CIT to lead this new platform. In this role, Fosina will be building a team to help CIT customers optimize logistics execution.
"This initiative accelerates our efforts to increase CIT's business in these attractive and growing equipment markets," said Eric Miller (pictured above), group head and managing director of Capital Equipment Finance, part of CIT's Business Capital division.
"Our Logistics Finance customers will benefit from CIT's deep industry knowledge, as well as Ken's significant experience and extensive relationships in this market," Miller added.
In his position at ATEL Leasing Corporation, Fosina was responsible for all sales, business development and capital markets activities, as well as marketing,
perations and administrative functions within the department. Prior to ATEL, Fosina was managing director of FFC Consulting, where he served as lessee advisor to several Fortune 100 clients, managed captive finance programs and facilitated capital raise for early-stage companies.