Citizens Bank announced that Citizens Commercial Banking provided a $31.5 million asset-based credit facility to Dover Saddlery, a multichannel retailer of equestrian products in the U.S. Citizens also said an additional $11 million term loan was provided by Garmark SBIC Advisors.
Citizens said the facility will be used to refinance existing debt, to fund certain merger-related expenses and for general corporate purposes.
Dover Saddlery recently announced the completion of its merger with a company formed by Webster Capital, a private equity firm.
Founded in 1975 in Wellesley by U.S. Equestrian team members, Dover Saddlery offers a broad selection of brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery serves the English rider and through Smith Brothers, the Western rider.
“We have been a longtime client of Citizens and were very pleased to have worked with them on this transaction,” said Stephen L. Day, CEO and president of Dover Saddlery. “Citizens’ retail finance team brought a number of great ideas to the table and executed the new deal seamlessly. The credit facility significantly reduces Dover Saddlery’s cost of capital and positions the company for future growth.”
Donald Steiner, managing partner of Webster Capital, said, “We are looking forward to the opportunity to work with Dover’s management to help Dover continue its growth plan in retail and direct-to-consumer. Webster will support Dover’s strategy to increase accessibility and variety of product offerings for equestrian enthusiasts nationwide.”
“We are very pleased to be able to help the team at Dover Saddlery meet their strategic and financial goals,” said Quincy Miller, president of Citizens Bank in massachusetts.