RBS Citizens provides $21.25 million in financing for Fresh Start Convenience Stores
Financing will be used to refinance existing debt, provide working capital line of credit
BOSTON (October 25, 2013) – The RBS Citizens Convenience and Retail Petroleum Finance Group has provided Fresh Start Convenience Stores, Inc., of Spearfish, South Dakota with $21.25 million in financing to support the company’s 24 locations in South Dakota, Wyoming and Nebraska.
The financing will be used to refinance existing debt and to provide a working capital line of credit for Fresh Start Convenience Stores to make a series of strategic investments. The company anticipates making improvements at a number of its locations including the introduction of five new liquor stores within existing locations and the expansion of its in-house commissary and delivery transport system.
“The RBS Citizens Convenience and Retail Petroleum Finance Group has a great working knowledge of our industry and took the time to understand our strategy,” said Chris Schwartz of Fresh Start Convenience Stores. “They have both the products and capabilities to help us meet our needs with this transaction.”
“This deal is another example of our ability to finance significant deals for multi-unit owners in the convenience store and retail petroleum store industry,” said Mike Phelps, Head of Convenience and Retail Petroleum Finance for RBS Citizens. “We enjoy working with Mark and Chris Schwartz and the entire team at Fresh Start and wish them well in this new chapter of their company.”
This transaction represents the first deal for the RBS Citizens Convenience and Retail Petroleum Finance Group in South Dakota.
The RBS Citizens Convenience and Retail Petroleum Finance Group is focused on meeting the banking and financing needs of the Retail Petroleum/C-Store Industries. With extensive industry expertise, this specialized lender provides financial support to multi-unit operators throughout the United States with a full range of traditional commercial banking products and services including risk management advisory services and interest rate derivatives.
For information about the RBS Citizens Convenience and Retail Petroleum Finance Group, contact us at 1.855.782.8242 or firstname.lastname@example.org.
About RBS Citizens Financial Group, Inc
RBS Citizens Financial Group, Inc. is a $118 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, nearly 3,600 ATMs and nearly 19,000 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG’s website is citizensbank.com.