Citizens Leads $125 Million Credit Facility for Franchise Group, Inc.
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.