05/02/2016
Citizens Bank expands relationship with Nouria Energy Corporation to facilitate growth in Maine
Acquisition includes convenience store, auto service station and car wash locations
WORCESTER – Citizens Bank announced today that it has restructured and expanded its existing loan relationship with Nouria Energy Corporation to facilitate the purchase of J&S Oil of Manchester, Maine. The acquisition included eight convenience stores with fuel, two Express Lube auto service stations, three “state-of-the-art” car wash locations, a wholesale distributorship and a transport logistics business, the company said. This acquisition increases Nouria’s presence in Maine to 31 sites.
“The team at Citizens Bank has been consistent in their support of our business and our growth strategy,” said Tony El-Nemr, President / CEO of Nouria Energy Corporation. “The team was able to structure a facility that allowed us to efficiently close on this significant acquisition and maintain our liquidity as we focus on integrating these new locations into our network. We look forward to continuing our great relationship with Citizens as we grow toward our goal of a half billion gallons and beyond.”
“We continue to be impressed with Tony and his management team and appreciate the opportunity to support Nouria’s growth. This relationship demonstrates our capabilities and commitment to the needs of our customers in the industry,” said Michael R. Phelps, Managing Director of Convenience and Retail Fuel Finance at Citizens.
The Citizens Bank Convenience and Retail Fuel Finance group is focused on meeting the banking and financing needs of the retail petroleum and convenience store industries. With extensive industry expertise, Citizens offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services, and interest rate derivatives along with a full range of traditional commercial banking products and services.
For more information, please go to 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 $140.1 billion in assets as of March 31, 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 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. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
