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U.S. Buyers Give Their Takes On VicenzaOro September 2021

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Citizens issues $30M line of credit to Ross-Simons following acquisition

Citizens issues $30M line of credit to Ross-Simons following acquisition
CRANSTON-BASED jewelry retailer Ross-Simons was recently provided a $30 million revolving line of credit by Citizens Financial Group. / COURTESY ROSS-SIMONS
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…
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Ross-Simons Owner Purchased by Equity Firm

Terms were not disclosed.
As part of the acquisition, former Brookstone CEO James Speltz, who has been LBH’s president since 2017, took on the role of CEO.
Darrell Ross, the son of Ross-Simons’ founder and a five-decade veteran of the company, has stepped down as LBH’s CEO but will remain a member of its board.
The acquisition “sets the stage for a whole new chapter of growth,” says Speltz. “Nonantum isn’t coming in with any particular agenda or strategy. They are supportive of management’s efforts to grow the business.”
Future plans include increasing Ross-Simons’ digital footprint throughout the United States and internationally. ....

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