06/18/2018
Citizens Bank Leads New Financing for Bromford Industries
Funds used in part for acquisition of Connecticut-based AeroCision, LLC
NEW YORK – Citizens Bank announced today that Citizens Commercial Banking led a new credit facility for UK-based Bromford Industries, a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries. Citizens is the sole lead arranger.
“Citizens Bank has been a trusted financing partner for years. With this new cross-border credit facility for Bromford, they have helped the company broaden its capabilities through the acquisition of AeroCision, and position the combined company for future growth. The Citizens team was able to handle the complexity of this transaction with ease,” said Rowan Taylor, founding Partner of Liberty Hall Capital Partners, a New York City-based private equity firm focused exclusively on investments in businesses serving the global aerospace and defense industry that acquired Bromford in 2016. “They always bring great ideas to the table and execute our transactions quickly and seamlessly.”
Founded in 1958, AeroCision is a leading supplier of complex engine components and assemblies for the global aerospace industry. AeroCision supplies many of the key leading aerospace engine platforms and AeroCision’s top customers include Rolls Royce, GE Aviation and Honeywell. AeroCision operates a single facility in Chester, Conn., as well as a joint venture in Bangalore, India.
“Providing acquisition capital is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle. In this case, the Aerospace, Defense and Government Services corporate banking team led by Dan Darnell, and our Aerospace & Defense Corporate Finance team led by Jeff Harrick, showed their dedicated focus and expertise in this sector to assist Bromford Industries,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals. “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.”
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.
