08/02/2017
Citizens Bank provides $35 million credit facility for Luxury Brand Holdings, Inc.
PROVIDENCE, RI – Citizens Bank announced today that Citizens Commercial Banking has provided a new $35 million credit facility to Cranston, R.I.-based Luxury Brand Holdings, Inc., a premier specialty retailer of fine jewelry which operates under the “Ross-Simons” and “Sidney Thomas” brands. Citizens is the sole lead arranger.
The new credit facility will be used by Luxury Brand Holdings as working capital and for general corporate growth purposes.
Ross-Simons was established in 1952 to provide exceptional quality jewelry and luxury items at the most affordable prices possible. Today, Ross-Simons is a multi-channel retailer. In addition to its e-commerce platform (www.ross-simons.com), Ross-Simons mails millions of catalogs a year across the globe and operates a flagship store in Warwick, R.I.
Sidney Thomas offers a premium shopping experience for luxury jewelry and fine Swiss watches by way of its retail store footprint. Sidney Thomas offers the world's most desired brands, exciting new designers, and one-of-a-kind estate pieces.
“LBH has enjoyed a long relationship with the team at Citizens, and we are happy to have expanded our partnership with this new facility,” said Jim Speltz, president of Luxury Brand Holdings, Inc. “Citizens bankers are trusted strategic and financial advisers who consistently deliver clear and objective advice that has helped us enhance our business.”
“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Chris Carmosino, head of Business Capital at Citizens Bank. “Providing asset-based lending credit facilities is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
For more information about Citizens, 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 $151.4 billion in assets as of June 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
