08/04/2015
Citizens Bank Provides $31.5 Million Senior Secured Credit Facility for Dover Saddlery, Inc.
Commercial bank loan will be used to refinance existing debt, to fund certain merger-related expenses and for general corporate purposes
BOSTON – Citizens Bank announced today that Citizens Commercial Banking has provided a $31.5 million senior secured credit facility for Dover Saddlery, Inc., a leading multichannel retailer of equestrian products in the United States.
Dover Saddlery recently announced the completion of its merger with a company formed by Webster Capital, a leading private equity firm.
Founded in 1975 in Wellesley by United States Equestrian team members, Dover Saddlery offers a broad selection of brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery serves the English rider and through Smith Brothers, the Western rider.
Citizens provided $31.5 million of asset-based, senior secured credit facilities to Dover Saddlery and an additional $11 million term loan was provided by Garmark SBIC Advisors LLC.
“We have been a longtime client of Citizens and were very pleased to have worked with them on this transaction,” said Stephen L. Day, CEO and President of Dover Saddlery. “Citizens’ retail finance team brought a number of great ideas to the table and executed the new deal seamlessly. The credit facility significantly reduces Dover Saddlery’s cost of capital and positions the company for future growth.”
Donald Steiner, Managing Partner of Webster Capital, said, "We are looking forward to the opportunity to work with Dover's management to help Dover continue its growth plan in retail and direct-to-consumer. Webster will support Dover's strategy to increase accessibility and variety of product offerings for equestrian enthusiasts nationwide."
“We are very pleased to be able to help the team at Dover Saddlery meet their strategic and financial goals,” said Quincy Miller, President of Citizens Bank in Massachusetts.
For more information on commercial bank loans and how Citizens can help businesses meet their goals, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $137.3 billion in assets as of June 30, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle‐market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid‐Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not‐for‐profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
