LAWRENCEVILLE, Ga. -- South Florida Commercial Properties LLC, an affiliate of Marvin Hewatt Enterprises, located in Lawrenceville, Ga., has acquired 20 Chevron stations in South Florida.
Marvin Hewatt Enterprises owns and supplies convenience stores and gas stations in multiple states, primarily in the southeastern United States, as reported in a Raymond James/CSP Daily News Flash.
RBS Citizens Financial Group Inc., through its RBS Citizens Convenience & Retail Petroleum Finance Group, provided South Florida Commercial Properties with a $29.85 million, seven-year credit facility for the acquisition.
"As a new customer of RBS Citizens, we have been very impressed with their flexibility, diligence and commitment to meeting our schedule," said Ben Smith of Marvin Hewatt Enterprises. "Because they clearly understand our industry and our strategy, we were able to complete this deal in a timely manner."
"This deal is a great demonstration of our capabilities and focus on meeting the needs of our customers," said Mike Phelps, head of the Convenience & Retail Petroleum Finance Group for RBS Citizens. "We have the resources to handle this size of transaction while always being focused on what is best for our customer."
The RBS Citizens Convenience & Retail Petroleum Finance Group is focused on meeting the banking and financing needs of the retail petroleum/convenience store industries. It offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services and interest rate derivatives along with a full range of traditional commercial banking products and services.
RBS Citizens Financial Group is a $127 billion commercial bank holding company based in Providence, R.I., and through its subsidiaries has approximately 1,400 branches and approximately 3,600 ATMs. Its two bank subsidiaries are RBS Citizens NA and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has nonbranch retail and commercial offices in more than 30 states. RBSCFG is owned by the Royal Bank of Scotland Group plc.
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