09/29/2020
Citizens leads $125 million credit facility for Franchise Group, Inc.
PROVIDENCE, R.I. – Citizens announced today that it is lead left arranger of a $125 million asset-based loan for Virginia Beach, VA-based Franchise Group, Inc. (Nasdaq: FRG).
Franchise Group is an operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. This transaction refinances an existing ABL for two of its businesses – American Freight and Buddy’s Home Furnishings.
“The Citizens’ team has been extremely thoughtful and creative throughout this process,” said Brian Kahn, Chief Executive Officer of Franchise Group, Inc. “We have been impressed by the bank’s dedication to our success and their hard work. They have become trusted advisors and we look forward to building our relationship with Citizens.”
“At Citizens, we work closely with our clients and offer them a range of possible options,” said Jaime Ward, Head of Retail Finance at Citizens. “We were able to provide a solution for Franchise Group that offered the company a more flexible capital structure. Providing asset-based lending solutions is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial partner, 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 $179.9 billion in assets as of June 30, 2020. 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 2,700 ATMs and approximately 1,000 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 a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
