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Citizens Bank Provides $31.5MM Facility for Dover Saddlery

August 05, 2015, 08:06 AM
Filed Under: Retail

Citizens Bank announced today that Citizens Commercial Banking has provided a $31.5 million senior secured credit facility for Dover Saddlery, Inc., a leading multichannel retailer of equestrian products in the United States.

Dover Saddlery recently announced the completion of its merger with a company formed by Webster Capital, a leading private equity firm.

Citizens provided $31.5 million of asset-based credit facilities to Dover Saddlery and an additional $11 million term loan was provided by Garmark SBIC Advisors LLC.

“We have been a longtime client of Citizens and were very pleased to have worked with them on this transaction,” said Stephen L. Day, CEO and President of Dover Saddlery. “Citizens’ retail finance team brought a number of great ideas to the table and executed the new deal seamlessly. The credit facility significantly reduces Dover Saddlery’s cost of capital and positions the company for future growth.”

Donald Steiner, Managing Partner of Webster Capital, said, "We are looking forward to the opportunity to work with Dover's management to help Dover continue its growth plan in retail and direct-to-consumer. Webster will support Dover's strategy to increase accessibility and variety of product offerings for equestrian enthusiasts nationwide."

“We are very pleased to be able to help the team at Dover Saddlery meet their strategic and financial goals,” said Quincy Miller, President of Citizens Bank in Massachusetts.

Founded in 1975 in Wellesley by United States Equestrian team members, Dover Saddlery offers a broad selection of brand-name products for horse and rider through catalogs, the Internet and company-owned retail stores. Dover Saddlery serves the English rider and through Smith Brothers, the Western rider.

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