04/23/2018
Citizens Bank provides $21.5 million credit facility to Strength Capital Partners
Private-equity firm uses funds in part to acquire ESP Associates, Inc.
DETROIT – Citizens Bank announced today that Citizens Commercial Banking is providing $21.5 million to Birmingham-based private-equity firm Strength Capital Partners to support the acquisition of Charlotte, N.C.-based ESP Associates, Inc. Citizens is the sole lender and administrative agent.
ESP Associates, Inc. provides engineering, surveying and planning services for public and private clients. ESP Associates has clients in transportation, public safety, land development and energy. It employs almost 400 and had 2017 revenue of $53 million. Management retained equity in the company and will continue to run the business.
The $21.5 million includes a term loan and a working capital line of credit.
Strength Capital will use ESP as a platform into which to roll acquisitions to continue expanding the company's geographic reach. In 2012, ESP had five offices in two states and today it has 13 offices in seven states.
This deal marks the second of Strength Capital’s portfolio companies to which Citizens Bank is a lender. The other company is ARCH Global Precision.
“Citizens bankers are trusted strategic and financial advisers who delivered clear and objective advice that has helped us grow and enhance our business,” said Steve LaBarre, Partner, Strength Capital Partners. “The Citizens team brought great ideas to meetings and was able to execute our transaction quickly and seamlessly.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer a range of solutions,” said Rick Hampson, president, Citizens Bank, Michigan. “Providing acquisition financing 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 adviser, 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, 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 $153.5 billion in assets as of March 31, 2018. 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 3,300 ATMs and approximately 1,150 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.
