Citizens Bank announced today that it led $155 million in new financing for Southfield, MI-based Diversified Restaurant Holdings, Inc. to refinance existing debt and to fund the acquisition of 18 Buffalo Wild Wings® restaurants in the St. Louis area for $54 million. The financing includes a $120 million Term Loan, an unfunded $30 million Development Line of Credit to support continued store growth and an unfunded $5 million Revolver to support working capital needs.
Diversified Restaurant Holdings, Inc. (Nasdaq: BAGR) is the creator, developer and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Burger Tavern, and, with the acquisition of these 18 locations, the largest Buffalo Wild Wings franchisee.
“Citizens Restaurant Finance was able to structure financing that helped us meet our goals; maintaining liquidity and access to capital for continued organic growth of our two concepts,” said David Burke, CFO and Treasurer of DRH. “Citizens bankers are excellent financial partners who bring innovative ideas to the table, excel at execution and provide great services.”
“Diversified Restaurant Holdings is an excellent client with a very solid business operation,” said David Farwell, Head of Franchise Finance for Citizens Commercial Banking. “The Citizens Restaurant Finance team is happy to be able to help DRH, a longtime client, achieve their strategic and financial goals.”
Citizens is serving as Joint Lead Arranger and Administrative Agent for this transaction. BMO Capital Markets is serving as Joint Lead Arranger and Syndication Agent.
Citizens Restaurant Finance is a top national restaurant lender focused on meeting the capital needs of multi-unit restaurant owners nationwide including franchisees, franchisors and sponsor-owned restaurant operating companies. For more information, go to Citizens Restaurant Finance.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. (NYSE: CFG) 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. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. 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.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
Frank Quaratiello, 617-725-5851