WASHINGTON, DC--(Marketwire - January 4, 2011) - Ritz & Wolf Camera & Image, America's premier destination for cameras and imaging, announced today the closing of a $25 million ABL revolving credit and term loan facility supplied by Crystal Financial, LLC. The new funding will refinance existing debt and provide capital for future growth opportunities. The facility also affords Ritz & Wolf greater availability in building and maintaining inventory levels, which will allow the company to maintain its competitive advantage in the market, particularly during high peak seasonality.
"Our deal with Crystal Financial shows continued confidence in our turnaround and forward business strategy," states Stephen M. LaMastra, president of Ritz & Wolf Camera & Image. "We set out in 2009 to be a new kind of specialty retailer. Today we play an integral role in the digital lifestyle as a specialty retailer that empowers the consumer to do all they can with their images, regardless of how they capture them and choose to share and display them today and in the future. Crystal Financial embraces and supports that unique vision, to differentiate ourselves from our legacy and the industry at large."
"Ritz & Wolf 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 their strategic and financial objectives," says Steven Migliero Jr., Managing Director with Crystal Financial, LLC.
Crystal Financial is a commercial finance company, which originates, underwrites and manages secured loans. Clients and partners can rely on Crystal Financial to deliver innovative capital and the debt-structuring expertise, broad industry knowledge, and a partnering experience that middle market companies need to thrive.
About Ritz & Wolf Camera & Image
Ritz & Wolf Camera & Image is America's premier retail destination for cameras and imaging. With a legacy of nearly 100 years, Ritz & Wolf Camera & Image is a leader in the exciting and evolving world of image technology. Always a leader in price and quality, Ritz & Wolf 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 & Wolf Camera & Image is headquartered in Washington, D.C. 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 & Wolf has dedicated its legacy to empowering consumers to share, display and save all of life's treasured memories.
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.
Contact Information:
MEDIA CONTACT:
Christy Olliff
Trevelino/Keller Communications Group
404-214-0722 Ext. 117
colliff@trevelinokeller.com