Citizens Bank announced Citizens Commercial Banking has provided a $10 million senior secured credit facility to Active Sports Lifestyle USA (d/b/a Active Ride Shop), a Rancho Cucamonga, CA-based skateboard product and clothing retailer with 28 locations throughout California and Arizona.
Citizens noted the transaction was structured as an asset-based revolver and was used to refinance existing debt and for general corporate purposes. Tengram Capital Partners was said to have acquired a majority stake in the company in 2014.
“We are very pleased to work with Tengram Capital Partners and to be able to help the team at Active Ride Shop to meet their strategic and financial goals,” said Chris Carmosino, head of Business Capital for Citizens Bank.
“We are very pleased to have worked with the Citizens Retail Finance team on this transaction,” said Ryan Ciucki, CFO of Active Ride Shop. “Citizens brought a number of great ideas to the table and executed the new deal seamlessly. The credit facility significantly reduces the company’s cost of capital and positions the company for future growth.”
Rich Gersten, partner of Tengram Capital, said, “We are looking forward to the opportunity to help Active Ride Shop continue its growth plan. Citizens has been a great partner on this transaction and we look forward to working more with them in the future.”