First Citizens Bank’s middle market banking business provided $33.5 million in financing to Adams Beverages, a distributor of beer, wine and non-alcoholic beverages to bars, restaurants, grocery stores, package stores and other retail outlets throughout Alabama and North Carolina.
Within its distribution territories — which include 38 counties in Alabama and 28 counties in North Carolina — the third-generation, family-owned Adams Beverages has exclusive franchise rights for Anheuser-Busch Inbev products and several national and regional breweries.
“We appreciate the expertise of First Citizens’ Middle Market Banking team in arranging this financing, as well as their knowledge of the business landscape in the Southeast region in which we operate,” Clay Adams, president of Adams Beverages, said.
The loan refinanced three properties that are occupied by Adams Beverages and serve as distribution facilities for the company’s North Carolina operations.
“We’re pleased to provide financing to support the business goals of Adams Beverages, a company with a strong track record of expanding their market share through organic growth and strategic acquisitions,” Brendan Chambers, head of First Citizens Middle Market Banking, said. “We look forward to future opportunities to support Adams Beverages’ growing business.”
