05/16/2023
Citizens provides asset-backed credit facility for Belknap White Group
Facility will be used to refinance debt, fund acquisitions and support growth
PROVIDENCE, R.I. – Citizens announced that it provided an asset-backed credit facility to the Belknap White Group to refinance existing debt, provide funds to acquire the assets of Swiff-Train Corporation and support future growth.
The new facility consolidates two separate facilities provided by Citizens. Citizens acted as joint lead arranger.
Located in Mansfield, MA, the Belknap White Group is the one of the largest floor covering distribution companies in the United States. The company provides a broad product portfolio of leading brands, including a variety of solid or engineered wood options, laminate and vinyl, ceramic tiles and supplies.
In October 2022, The Belknap White Group acquired the assets of Swiff-Train Corporation, a Houston-based flooring distributor. This followed the acquisition of the portion of JJ Haines & Company it did not already own in February 2022. A controlling interest in Baltimore-based JJ Haines was purchased in 2019.
Paul Castagliuolo, president of The Belknap White Group said: “Kevin Chamberlain and his team thoroughly understood our business and created an expertly tailored solution that allowed us to expand our operations.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens 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, go to the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.3 billion in assets as of March 31, 2023. 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 full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. 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.
