BOSTON -- Fresh Start Convenience Stores Inc. of Spearfish, S.D., will add five new liquor stores within existing locations and expand its in-house commissary and delivery transport system with $21.25 million in financing accessed through RBS Citizens Convenience and Retail Petroleum Finance Group.
The financing also will be used to refinance existing debt and to provide a working capital line of credit for Fresh Start's 24 convenience stores in South Dakota, Wyoming and Nebraska to make the series of strategic investments.
“This deal is another example of our ability to finance significant deals for multi-unit owners in the convenience store and retail petroleum store industry,” said Mike Phelps, head of convenience and retail petroleum finance for RBS Citizens.
Fresh Start operates 24 convenience stores located in South Dakota, Wyoming and Nebraska, and has its headquarters in Spearfish, S.D. Most of the stores are named Fresh Start, but two are called Chekkers and four are branded Ranch Mart. Fifteen of the stores were purchased within the first year of the company’s startup in 2002 by former Kmart COO Mark Schwartz and his Kmart colleague John Owen
This transaction represents the first deal for the RBS Citizens Convenience and Retail Petroleum Finance Group in South Dakota.
The RBS Citizens Convenience and Retail Petroleum Finance Group, Providence, R.I., is focused on meeting the banking and financing needs of the retail petroleum/c-store industries. With extensive industry expertise, this specialized lender provides financial support to multi-unit operators throughout the United States with a full range of traditional commercial banking products and services including risk management advisory services and interest rate derivatives.
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