Citizens Bank announced that Citizens Commercial Banking arranged a $35 million senior secured credit facility for Total Hockey, a specialty hockey and lacrosse retailer in the U.S., that was named to Inc. Magazine’s list of “Fastest Growing Companies” for seven straight years.
Citizens’ Retail Finance Group provided a $30 million asset-based revolving line with Gordon Brothers Finance providing a $5 million secured term loan to Total Hockey.
Total Hockey was founded in 1999 in St. Louis, and began its store expansion in key hockey markets in 2006, growing to 24 stores today in seven markets with fully functioning omni-channel retailing capabilities.
Total Hockey recently announced plans to acquire Denver-based hockey and lacrosse retailer Player’s Bench, which has 8 stores in Colorado, Ohio, Texas, Utah and Wisconsin.
“Citizens was able to draw on its retail finance expertise to structure a solution that allowed us to execute this transaction,” said Michael Benoit, Total Hockey’s founder, owner and CEO. “Citizens bankers are strong financial partners who bring innovative ideas to the table.”
“We are very pleased to be able to help Michael, Sue and the team at Total Hockey meet their strategic and financial goals,” said Chris Carmosino, president of Citizens Business Capital. “The company has demonstrated impressive growth and we are excited to help them continue to execute their plans.”