11/13/2015
Citizens Bank Provides $30 Million Commercial Credit Facility to Smokey Bones Bar & Fire Grill
Company using commercial loan to refinance existing debt and to fund expansion plans
ORLANDO, FL – Citizens Bank announced that it has provided a $30 million commercial credit facility to Smokey Bones Bar & Fire Grill, a 67-unit Florida-based casual dining chain specializing in “good food, good drinks, and good times.” The company is an affiliated portfolio company of Sun Capital Partners, Inc.
The commercial business loan refinanced all of the company’s existing indebtedness, and also included a sizable development line of credit which will be used to build multiple new restaurants and fund major remodels of select, existing locations. Smokey Bones Bar & Fire Grill recently opened its third new restaurant this year and has started plans for some major remodels.
“We are excited that the Citizens team felt as strongly about the growth potential of Smokey Bones as we do. With this new capital, we are excited to accelerate our growth with new locations and major remodels. We are happy to partner with this great team at Citizens Bank,” said Ryan Esko, CEO of Smokey Bones Bar & Fire Grill.
“Smokey Bones is a terrific concept poised for growth,” said Thomas Hung, Senior Vice President and Head of Chain Restaurants within Citizens’ Restaurant Finance group. “We are very excited about this new partnership.”
Citizens Bank’s Restaurant Finance group is a leading national lender focused on meeting the capital needs of multi-unit restaurant owners nationwide, including franchisors, franchisees, chain restaurants, and sponsor-owned restaurant operating companies. For more information on restaurant financing or how to refinance business debt with commercial loans, 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 $135.4 billion in assets as of September 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.
About Smokey Bones Bar & Fire Grill
Smokey Bones, the favorite choice for food, drinks, and fun, is a full-service bar and fire-grill restaurant that currently operates 67 locations in 16 states and employs nearly 3,800 people. It is owned by an affiliate of Boca Raton, Fla.-based Sun Capital Partners, whose portfolio of restaurants also includes Boston Market, Friendly’s, Johnny Rockets, Bar Louie and other restaurant brands representing approximately 2,000 locations and over $2.0 billion in sales.
