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Citizens Bank Arranges $35MM Facility for Total Hockey

July 06, 2015, 08:07 AM
Filed Under: Retail

Citizens Bank announced Citizens Commercial Banking arranged a $35 million senior secured credit facility for Total Hockey, a specialty hockey and lacrosse retailer in the United States, who has been named to Inc. Magazine’s list of “Fastest Growing Companies” for seven straight years.

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’ Retail Finance Group provided a $30 million asset-based revolving line with Gordon Brothers Finance Company, LLC providing a $5 million secured term loan to Total Hockey.

“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.”

“Citizens was able to help deliver the same kind of experience we offer our customers – a knowledgeable staff that provides great customer service.  We experienced flawless execution and now have the capital that will allow us to achieve our growth objectives,” said Susan O’Leary, Total Hockey’s CFO.

“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.” 

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $136.5 billion in assets as of March 31, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.

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