Citizens 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, which acted as joint lead arranger for the new facility.
Located in Mansfield, MA, the Belknap White Group is a floor covering distribution company that provides a product portfolio of multiple brands, including a variety of solid and 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 Belknap’s acquisition of the portion of JJ Haines & Company it did not already own in February 2022. Belknap originally bought a controlling interest in Baltimore-based JJ Haines in 2019.
“Kevin Chamberlain [of Citizens] and his team thoroughly understood our business and created an expertly tailored solution that allowed us to expand our operations,” Paul Castagliuolo, president of the Belknap White Group, said.
