11/03/2014
Citizens Commercial Banking provides $300 million in acquisition financing for PRO Unlimited deal
Leading contingent workforce management solutions firm purchased by Investcorp
PROVIDENCE, RI (November 3, 2014) – Citizens Commercial Banking, the commercial banking division of Citizens Financial Group (NYSE: CFG), announced today that it is providing $300 million in acquisition financing for Bahrain-based alternative investment fund Investcorp’s purchase of Boca Raton, FL-based PRO Unlimited from ABRY Partners.
"We look forward to partnering with Andrew Schultz and the entire PRO Unlimited management team as they continue to grow their client base, increase the breadth and depth of their services and expand their international presence," said Maud Brown, Managing Director at Investcorp. “We value our partnership with the Citizens Commercial Banking team given their industry experience, expertise and execution capabilities."
Commenting on the acquisition, Andrew Schultz, PRO Unlimited's co-founder and Chief Executive Officer said: "We are pleased to have reached this agreement, which will allow us to expand our best-in-class software and services solutions. Our new partner's strategic and financial support will deliver substantial benefits to our customers, employees and all of our stakeholders."
“We are pleased to help finance Investcorp’s acquisition of PRO Unlimited,” said Chris Carmosino, President of Business Capital at Citizens Commercial Banking. “We look forward to supporting PRO Unlimited’s exciting growth plans.”
Founded in 1991, PRO Unlimited has about 600 employees, operates in 52 countries and is a leading provider of software and services that enable large enterprises to more effectively manage their contingent workforce.
Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group. For more information about Citizens Commercial Banking, go to
www.citizensbank.com/commercial.
Citizens is ranked the No. 5 U.S. middle-market bookrunner by number of deals in Thomson Reuters’ most recent league table rankings.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $131.3 billion in assets as of September 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.
