10/15/2014
Citizens Commercial Banking leads new senior financing for Extreme Plastics Plus
Deal highlights bank’s position as a leading financial partner for middle market acquisitions
PITTSBURGH, PA (October 15, 2014) – Citizens Commercial Banking, the commercial banking division of Citizens Financial Group, announced today its role as sole lead arranger for a new senior credit facility for Extreme Plastics Plus.
Headquartered in Fairmont, W.Va., Extreme Plastics Plus, a provider of comprehensive environmental containment solutions for the energy industry founded in 2007, is using the new financing to acquire Washington, PA-based American Well Service and to finance the company’s growth.
Extreme Plastics Plus is a portfolio company of Hastings Equity Partners, a private equity firm focused on investing in lower middle-market energy services and equipment businesses.
"We are excited about our partnership with the Citizens Commercial Banking team and greatly benefit from their industry experience and the bank’s sophisticated financial capabilities," said Bennie Wharry, founder and chief executive officer of Extreme Plastics Plus. "Time and again, Citizens has proven to be the right partner to help us meet our financial goals."
“The Extreme Plastics Plus team are great clients with an excellent business. This deal is another example of how Citizens Commercial Banking is bringing good financial ideas to the table to help our partners accomplish their goals,” said Dan Fitzpatrick, president and CEO of Citizens Bank, Pennsylvania, New Jersey and Delaware.
Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, RI-based Citizens Financial Group. For more information about Citizens Financial Group, go to citizensbank.com.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $130.3 billion in assets as of June 30, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
