Citizens is the lead left arranger of a $125 million asset-based loan for Virginia Beach, VA-based Franchise Group.
Franchise Group is an operator of franchised and franchisable businesses. This transaction refinances an existing asset-based loan for two of Franchise Group’s businesses: American Freight and Buddy’s Home Furnishings.
“The Citizens’ team has been extremely thoughtful and creative throughout this process,” Brian Kahn, CEO of Franchise Group, said. “We have been impressed by the bank’s dedication to our success and their hard work. They have become trusted advisors and we look forward to building our relationship with Citizens.”
“At Citizens, we work closely with our clients and offer them a range of possible options,” Jaime Ward, head of retail finance at Citizens, said. “We were able to provide a solution for Franchise Group that offered the company a more flexible capital structure. 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.”