Barney’s Convenience Mart Secures Financing for Expansion
TOLEDO, Ohio — Barney’s Convenience Mart Inc. secured a $21.3-million credit facility that will allow the Toledo-based retailer to expand upon its business.
Barney’s, which operates 18 convenience stores in northwest Ohio, received the credit facility from Citizens Financial Group Inc., a.k.a. Citizens Bank. According to the financial operator, the funds are broken down as follows: a $17.8-million term loan for the acquisition of real estate; a $500,000 working capital line of credit; and a $3-million development line for future remodeling/acquisitions.
"Citizens has great experience in this business and a very client-focused approach,” said Jim Sutphin, operations manager for Barney’s Convenience Mart. “The Citizens team brings good solutions and serves as an excellent partner.”
Michael R. Phelps, managing director and group head of convenience and retail fuel finance at Citizens, added that his team is looking forward to working with Barney’s.
“The team at Barney’s Convenience Mart runs a solid business and we are happy to help them meet their strategic and financial goals,” he said.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of Dec. 31.