03/30/2015
Citizens Commercial Banking Leads Financing for Kirtland Capital Partners Portfolio Company Truck Bodies and Equipment International, Inc.
Funding for Cleveland-based private equity firm reinforces Citizens’ reach
and significant capabilities in the execution of sponsored multi-bank transactions
CLEVELAND – Citizens Commercial Banking announced today that it has led the financing of a club syndicated credit facility for Truck Bodies and Equipment International, Inc. (TBEI), a portfolio company of the Cleveland private equity firm Kirtland Capital Partners.
Based in Minnesota, Kirtland’s TBEI is a manufacturer of dump truck bodies, trailers, hoists and platforms. Its five major brands include Crysteel, Ox Bodies, Rugby, DuraClass and J-Craft.
“We are very pleased to have worked with the Cleveland Citizens Commercial Banking team on this transaction,” said Truck Bodies and Equipment International CEO Bob Fines. “Citizens took the time to understand our strategy, brought great ideas to the table and was able to execute efficiently to help us meet our financial goals.”
“Kirtland Capital is a well-regarded, longstanding private equity firm in Northeast Ohio and the TBEI team is solid and manages a superb business operation,” said Joe DiRocco, president for Citizens Commercial Banking and Charter One in Ohio. “We value all of our clients and the Citizens team was glad to be able to help Kirtland Capital and TBEI achieve their strategic and financial goals.”
For more information about Citizens Commercial Banking, go to citizensbank.com/commercial.
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.
