03/16/2015
Citizens Bank Announces $180 Million Financing for Select Staffing
Commercial bank loan used to support merger with EmployBridge
BOSTON – Citizens Bank announced today, in its role as Joint Lead Arranger and Co-Collateral Agent, that it has closed on $180 million in business financing to support Santa Barbara, Calif.-based Select Staffing’s merger with Atlanta-based EmployBridge.
“Citizens was able to draw on its expertise to structure financing that allowed us to execute this transaction,” said Shawn Poole, executive vice president and CFO of the combined company. “Citizens bankers have been excellent financial partners who bring innovative ideas to the table, excel at execution and provide great services.”
The combined company will operate the businesses under their existing brand names and will be headquartered in Atlanta with significant corporate operations centers in Santa Barbara, CA, Irving, TX and throughout other centers in the United States. The merger brings together two strong staffing companies with highly complementary geographic footprints and approximately $3 billion in combined annual revenue.
“We are pleased to help finance Select Staffing’s merger with EmployBridge,” said Chris Carmosino, President of Business Capital at Citizens Commercial Banking. “We look forward to working with management of the combined company in the future.”
Citizens is the No. 7 ABL bookrunner in the U.S. based on volume of deals, according to the Thomson Reuters league tables.
Citizens Commercial Banking is the commercial banking division of Providence, RI-based Citizens Financial Group. For more information about Citizens Commercial Banking, visit the Citizens Bank website.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. (NYSE: CFG) is one of the nation’s oldest and largest financial institutions, with $132.9 billion in assets as of December 31, 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.
