11/19/2015
Citizens Bank Provides $10 Million Senior Secured Credit Facility to Active Sports Lifestyle USA
Asset-based commercial financing will be used to refinance existing debt and for general corporate purposes
LOS ANGELES – Citizens Bank announced today that Citizens Commercial Banking has provided a $10 million senior secured credit facility to Active Sports Lifestyle USA, LLC (d/b/a Active Ride Shop), a Rancho Cucamonga, Calif.-based skateboard product and clothing retailer with 28 locations throughout California and Arizona.
Citizens provided a $10 million asset-based revolver to Active Sports, which was founded in 1989. Connecticut-based Tengram Capital Partners acquired a majority stake in the company in 2014.
“We are very pleased to have worked with the Citizens Retail Finance team on this transaction,” said Ryan Ciucki, CFO of Active Ride Shop. “Citizens brought a number of great ideas to the table and executed the new deal seamlessly. The credit facility significantly reduces the company’s cost of capital and positions the company for future growth.”
Rich Gersten, Partner of Tengram Capital, said, "We are looking forward to the opportunity to help Active Ride Shop continue its growth plan. Citizens has been a great partner on this transaction and we look forward to working more with them in the future."
“We are very pleased to work with Tengram Capital Partners and to be able to help the team at Active Ride Shop to meet their strategic and financial goals,” said Chris Carmosino, Head of Business Capital for Citizens Bank.
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 $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.
