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Citizens Bank Provides $10MM ABL to Active Sports Lifestyle USA

November 20, 2015, 08:03 AM
Filed Under: Retail

Citizens Commercial Banking has provided a $10 million senior secured credit facility to Active Sports Lifestyle USA LLC (d/b/a Active Ride Shop), a Rancho Cucamonga, Calif.-based skateboard product and clothing retailer with 28 locations throughout California and Arizona.

Citizens provided a $10 million asset-based revolver to Active Sports, which was founded in 1989. Connecticut-based Tengram Capital Partners acquired a majority stake in the company in 2014.

“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."

“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.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $135.4 billion in assets as of September 30, 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. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.

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