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Crystal Financial LLC has provided a term loan to Charleston, S.C.-based regional grocer Piggly Wiggly Holdings LLC. The loan was arranged by CIT Group Inc., a New York-based provider of financing to small businesses and middle market companies.
“Piggly Wiggly is a very strong brand, with one of the most recognized names in the grocer market in South Carolina and Georgia, and has sound fundamentals,” said Andrew Hettinger, managing director of Boston-based Crystal Financial, adding that the loan would go toward refinancing term debt, “as well as [providing] some incremental liquidity under the CIT-led revolver for ongoing working capital purposes.”
Added Bill Kearney, SVP of CIT Commercial & Industrial, Retail Finance, “This transaction reflects our continuing commitment to meeting the ongoing needs of our middle-market clients.”
“The Crystal team was highly responsive and took the time to understand our business plans for the future,’ noted Piggly Wiggly Holdings EVP and CFO Bill Edenfield. “This new credit facility provides additional borrowing capacity to help us strategically grow our business as we take advantage of opportunities to earn the maximum return on our assets.”
The largest employee-owned retail company in South Carolina, Piggly Wiggly Holdings owns or services more than 100 stores and has over 4,000 employee owners throughout South Carolina and southeastern Georgia.