PROVIDENCE – Citizens Financial Group Inc. on Tuesday announced a $30 million loan to Ross-Simons Inc. as part of an acquisition deal reached earlier this month.
The $30 million, asset-based revolving line of credit will allow the Cranston-based jeweler to purchase new inventory and maintain day-to-day operations, Jim Speltz, Ross-Simons president and CEO, told Providence Business News.
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“As a retail business, that’s the most important asset we have is our product,” Speltz said.
He added that the loan was not a sign of poor financial health, but rather an indicator of strength. According to Speltz, the line of credit was part of the terms of the Dec. 10 deal in which private equity firm Nonatum Capital Partners announced acquisition of Ross-Simons’ parent company, Luxury Brand Holdings Inc.
Terms of the deal, including the value of the transaction, have not been made public, but Speltz said company operations and locations will not be impacted, including Ross-Simons’ flagship Warwick store.
Luxury Brand Holdings, which serves as parent company of retailers Ross-Simons and Sidney Thomas and has a majority stake in Luca + Danni, reported an estimated $553 million in sales in 2019.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
