Citizens provides $30M in refinancing to Smokey Bones

ORLANDO, Fla. – Citizens Bank recently provided a $30 million debt refinancing package to a Florida-based restaurant chain, which includes a development line to build new restaurants and renovate existing ones.
Smokey Bones Bar & Fire Grill, a Sun Capital Partners Inc. company, is a 67-unit restaurant chain based in Florida. It operates in 16 states and employs nearly 3,800 people, according to the company. Providence-based Citizens Bank, a Citizens Financial Group Inc. company, provided the $30 million financing package, which Smokey Bones says will refinance all of its existing indebtedness.
“We are excited that the Citizens team felt as strongly about the growth potential of Smokey Bones as we do,” said Ryan Esko, CEO of Smokey Bones, in a statement. “With this new capital, we are excited to accelerate our growth with new locations and major remodels.”
Smokey Bones recently opened its third restaurant this year and says it has started plans for some “major remodels.”
“Smokey Bones is a terrific concept poised for growth,” said Thomas Hung, senior vice president and head of chain restaurants within the restaurant finance group at Citizens, according to a release.
“We are very excited for this new partnership,” he added.
Sun Capital Partners restaurant portfolio also includes Boston Market, Friendly’s, Johnny Rockets and Bar Louie. It reports more than $2 billion in sales.

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