12/19/2016
Citizens Bank provides $22.5 million credit facility for Clio Holdings, LLC
BIRMINGHAM, MI – Citizens Bank announced today that Citizens Commercial Banking is providing a $22.5 million credit facility to Birmingham, MI-based Clio Holdings, LLC. Citizens is the sole lender.
The recently formed Clio Holdings, LLC is owned by Oakland Standard Co., O2 Investment Partners and Tecum. It will serve as the holding company to execute management’s buy-and-build strategy focused on the countertop industry. Clio is now among the largest countertop fabricators in the United States. The company offers a full product line of natural stone, quartz, solid surface and other countertop surfaces for new home construction, big box stores and repair/remodel customers.
The funds will be used for acquisitions, including recent target Top Master, and for working capital.
“Citizens Bank has been a great new partner, bringing great ideas to the table and executing on them quickly,” said Bryan Tolles of Oakland Standard Co. “We look forward to working with them as a strategic partner going forward as our business continues to grow.”
“Clio Holdings is a great new client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Rick Hampson, President of Citizens Bank, Michigan. “Helping clients grow and providing working capital are just some of the ways that Citizens delivers value for clients at every stage of their business life cycle.”
Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.
For more information about Citizens, visit the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $147 billion in assets as of September 30, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens 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 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens 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 through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
