Citizens Bank Commercial Banking provided a $41.2 million credit facility to Chelten House Products, a family-owned manufacturer of private-label organic and conventional salad dressings, marinades and sauces that primarily sells to supermarket chains, food distributors and natural and organic stores throughout the United States and Canada.
Citizens is the sole lead arranger and administrative agent on the facility.
A new Citizens client, the Bridgeport, N.J.-based manufacturer will use the funds for working capital requirements and to provide a more flexible structure to finance recent and future capex initiatives.
“Citizens bankers are trusted strategic and financial advisors who delivered valuable, clear and objective advice,” said Ken Pawloski, chief financial officer of Chelten House Products. “The industry expertise that the Citizens team brought to our transaction made for a seamless and timely execution.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Daniel K. Fitzpatrick, president of Citizens Bank, Mid-Atlantic Region and head of National Industry Verticals. “Partnering with our Business Capital product team, we were able to provide a great solution for Chelten House Products that offered them a more flexible capital structure. Providing asset-based lending solutions is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”