Jeweler receives $20 million revolver for new technology and inventory and store remodel
TD Bank, America's Most Convenient Bank®, announced it acted as sole lead arranger on the funding of a $20 million revolving line of credit for Betteridge Jewelers Group. The company will use the proceeds to refinance an existing revolver and for additional growth capital.
"Betteridge is a 120-year-old family owned business and has a long history of offering highly sought-after watches and jewelry, and we are honored to be a part of their story as their new bank," said Joseph Nemia, Head of Asset-Based Lending, TD Bank. "TD Bank's asset-based lending business supports clients through all phases of the business cycle, and we will continue to support Betteridge as they grow."
Betteridge offers high-end jewelry, branded and pre-owned watches, silver and estate jewelry. The Company operates four luxury retail jewelry stores with a flagship store in Greenwich, Connecticut and e-commerce through www.betteridge.com/. TD Bank's financing enables Betteridge to implement a business strategy with new technology, purchase additional inventory and revamp the design of existing retail locations.
"TD Bank provided us with strategic growth capital," said Terry Betteridge, CEO of Betteridge Jewelers Group. "Having a financial institution with retail expertise, who deeply understands our business, capital needs, and convenient store locations, will be instrumental as we execute our growth and expansion plan going forward."
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us.
