Citizens provided a new $30 million asset-based revolving line of credit to Ross-Simons, a jewelry provider based in Cranston, RI. Citizens is the administrative agent, sole lead arranger and sole bookrunner for the facility.
Ross-Simons reaches consumers through a company-operated website, catalog and its flagship retail store in Warwick, RI. The company offers a selection of fine jewelry across a range of price points. The company was acquired earlier this month by Nonantum Capital Partners.
“We are longtime Citizens clients and rely on our team at Citizens for great ideas and advice,” Jim Speltz, president and CEO of Ross-Simons, said. “In this case, the Citizens team was able to execute the deal in less than a month. We look forward to continuing to work with our Citizens bankers and appreciate their dedication to our success.”
“We worked closely with the Ross-Simons and Nonantum Capital Partners teams and were able to provide an asset-based revolving line of credit that will offer the company more flexibility,” Jaime Ward, head of retail finance at Citizens, said. “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.”
