02/20/2019
Citizens Bank leads asset-based financing for Merfish Holdings, LLC
Loan used to finance acquisition of United Pipe & Steel by Merfish Pipe Holdings, a portfolio company of One Equity Partners
BOSTON – Citizens Commercial Banking led a senior secured asset-based financing to Merfish Holdings, LLC for the acquisition of United Pipe & Steel (UPS) by Houston-based Merfish Pipe Holdings, a portfolio company of One Equity Partners. Citizens served as Lead Left Arranger and Administrative Agent.
A longtime Citizens client, Ipswich, MA-based UPS is a master distributor of steel pipe, copper tube, plastic pipe and electrical conduit. The merger has been about six years in the making as One Equity had considered a transaction with UPS when it was originally sold in 2013.
“Citizens bankers are trusted advisors who delivered valuable, clear and objective advice,” said Jamie Koven, Senior Managing Director at One Equity Partners. “The industry expertise that the Citizens team brought to our transaction made for a seamless execution.”
“At Citizens, we try to think about the needs of our clients from their point of view and offer holistic solutions,” said Jerry Sargent, president of Citizens Bank, Massachusetts. “Partnering with our Business Capital product team, we were able to provide a great solution for our client. Providing asset-based lending solutions 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, 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 $160.5 billion in assets as of December 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 2,900 ATMs and approximately 1,100 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
