11/13/2018
Citizens Bank leads $41.2 million credit facility for Chelten House Products, Inc.
BRIDGEPORT, NJ – Citizens Bank announced today that Citizens Commercial Banking is providing a $41.2 million credit facility to Chelten House Products, Inc., a family-owned manufacturer of private label organic and conventional salad dressings, marinades and sauces that primarily sells to supermarket chains, food distributors and natural and organic stores throughout the United States and Canada. Citizens is the sole lead arranger and administrative agent.
A new Citizens client, the Bridgeport, N.J.-based manufacturer will use the funds for working capital requirements and to provide a more flexible structure to finance recent and future capex initiatives.
“Citizens bankers are trusted strategic and financial advisors who delivered valuable, clear and objective advice,” said Ken Pawloski, Chief Financial Officer of Chelten House Products, Inc. “The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals. “Partnering with our Business Capital product team, we were able to provide a great solution for Chelten House Products that offered them a more flexible capital structure. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
For more information, please go to 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 $158.6 billion in assets as of September 30, 2018. 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 2,900 ATMs and approximately 1,150 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.
