Boston, January 4, 2011 – Crystal Financial, LLC, announced today that it has closed a $25 million senior credit facility with Ritz Camera & Image, L.L.C., the owner and operator of the Ritz Camera, Wolf Camera and Camera World brands. The Company has 289 retail locations nationwide as well as a significant online presence in the camera and imaging industry.
Steven Migliero, Managing Director of Crystal Financial, stated: “Ritz Camera & Image, L.L.C is a premium specialty brand with a strong customer base across the United States. We are pleased to provide this storied business with the support necessary to achieve its strategic and financial objectives. We were able to quickly understand the company’s operations and assets, and to close a flexible loan facility within a tight timeframe.”
Commenting on the new loan, Stephen M. LaMastra, CEO of Ritz Camera & Image, L.L.C., stated: “It’s been a pleasure working with Crystal Financial on our new loan facility. With our forecast for sales increases in 2011 and beyond, we required a financial partner who understood our needs and could accommodate our projected progress in the industry. The entire Crystal team has been professional, flexible and focused throughout the past several weeks, and our collaborative efforts allowed us to close this transaction in a remarkably short time frame.”
About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.
About Ritz Camera & Image, L.L.C
Ritz Camera & Image, L.L.C is America’s premier retail destination for cameras and imaging. With a legacy of nearly 100 years, Ritz Camera & Image, L.L.C is a leader in the exciting and evolving world of image technology. Always a leader in price and quality, Ritz Camera & Image, L.L.C is ranked by Consumer Reports as a top five electronics store, and is the highest ranking destination for camera and imaging products based on service, product quality and buying ease. Ritz Camera & Image, L.L.C is headquartered in Washington, DC and operates nearly 300 stores in 34 states from coast to coast. RitzPix.com is the company’s online site for all imaging needs, and offers a range of products for pick up in-store in one hour or delivered in one day that is unrivaled anywhere in the world. Ritz Camera & Image, L.L.C has dedicated its legacy to empowering consumers to share, display and save all of life’s treasured memories.