May 12, 2015 // Franchising.com // BOSTON – Citizens Bank announced today that it is providing $20 million in new financing for Uno Restaurant Holdings Corporation for new unit development and general corporate purposes.
“Citizens Restaurant Finance was able to structure a financing that will help Uno Restaurants meet its strategic and financial goals,” said Louie Psallidas, CEO of Uno. “Their deep knowledge of the restaurant industry, and their local presence make them excellent financial partners. In addition, Citizens brings innovative ideas to the table and excels at transaction execution.”
“Uno has built an excellent brand over its 70-plus year history and we could feel the passion for the brand in our interaction with the entire Uno team from the CEO to the colleagues in the restaurants,” said David Farwell, Executive Vice President and Head of Franchise Finance for Citizens Commercial Banking. “We look forward to partnering with Uno as they strive to achieve their goals.”
Citizens is the sole bank for this transaction and has also reached a corporate purchasing card agreement with Uno.
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 www.citizensrestaurantfinance.com.
Citizens Financial Group, Inc. 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.
Based in Boston, Uno Restaurant Holdings Corporation includes 139 company-owned and franchised restaurants located in 24 states, the District of Columbia, Puerto Rico, South Korea, the United Arab Emirates, Honduras, Kuwait and Saudi Arabia. Uno’s mission is to deliver intensely flavorful, delicious and nutritious food in an environment of heartfelt hospitality. The Company also operates a fast casual restaurant concept, UNO Dué Go and Uno Foods, a consumer packaged foods business which supplies airlines, movie theaters, hotels, airports, travel plazas, schools and supermarkets with both frozen and refrigerated private-label foods and UNO branded products. Uno is majority owned by a fund managed by Twin Haven Capital Partners, LLC. For more information, visit www.unos.com.
SOURCE Uno Restaurant Holdings Corporation
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