11/07/2017
Citizens Bank provides credit facility for Stonegate Capital LLC
CHICAGO – Citizens Bank announced today that Citizens Commercial Banking is providing a revolving line of credit for Stonegate Capital LLC, a Chicago-based commercial finance company serving lower middle market companies unable to obtain traditional bank financing. Citizens is the sole lender and administrative agent.
Stonegate, which is led by former Gibraltar Capital Holdings CEO, Darren Latimer, recently closed on a significant equity investment led by Virgo Investment Group, LLC. These concurrent closings further establish Stonegate’s presence as a major player in the lower middle market lending space.
“We are excited about our new partnership with Citizens. Closing on this facility was an important step that will enable us to capitalize on the momentum in our business and meet the significant demand for our products,” said Darren Latimer, CEO of Stonegate Capital LLC. “The entire Citizens team was thoughtful in their approach in structuring our facility, and they were able to execute this transaction quickly and seamlessly.”
“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Chris Carmosino, head of Business Capital at Citizens Bank. “Providing revolving lines of credit to our Lender Finance borrowers is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
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 $151.4 billion in assets as of September 30, 2017. 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About Stonegate Capital Holdings, LLC
Based in Chicago, Stonegate Capital provides senior secured debt facilities ranging from $2 to $15MM into the following three investment niches: mature businesses seeking flexible capital above and beyond what a traditional lender can typically provide, software businesses, and high-growth consumer products and food/beverage companies. Founded by seasoned industry veterans, Stonegate draws upon years of experience to bring sophisticated and creative debt structures down market. The business focuses on a collaborative approach to provide stable sources of liquidity for both corporate and sponsor-backed borrowers across industries and economic cycles. More information is available at www.sghcap.com
