04/29/2019
Citizens Commercial Banking leads asset-based financing for Kane Is Able, Inc.
Proceeds used to partially fund majority acquisition by Harkness Capital Partners
PROVIDENCE, RI – Citizens Commercial Banking led a senior secured asset-based revolving credit facility for Kane Is Able, Inc. The proceeds were used to partially fund the majority acquisition of Kane Is Able, Inc. by Harkness Capital Partners and for general working capital purposes. Citizens served as Sole Lead Arranger and Administrative Agent for the asset-based revolving credit facility.
Kane Is Able is a third-party logistics provider that helps manufacturers and their retail partners efficiently and effectively distribute goods throughout the United States. KANE’s value-added logistics services include nationwide warehousing and distribution, fulfillment, cross docking and transportation solutions.
“We have a very strong partnership with the bankers at Citizens and they were able to execute this transaction working under a compressed timeline,” said Michael Gardner, president and CEO of Kane Is Able, Inc.
Harkness Capital Partners is a private equity investment firm focused on supporting the growth of service-oriented companies. Third-party logistics is one of its priority areas for investment. Founded in 2014, Harkness Capital invests its capital and resources to support the growth of high-quality, lower middle market companies. Harkness Capital is dedicated to long-term value creation and working in partnership with talented managers seeking to grow their businesses. Harkness Capital utilizes its team of experienced operators and investors to help management teams build their operations and market presence. The investment by Harkness Capital was made through its fund Harkness Capital Partners I LP.
“Citizens bankers are trusted advisors who delivered valuable, clear and objective advice,” said Ted Dardani, Partner at Harkness Capital Partners. “The industry expertise that the Citizens team brought to this 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 Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals. “Partnering with our Business Capital team, we were able to provide a great solution for the Kane Is Able team. 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.”
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 $161.3 billion in assets as of March 31, 2019. 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.
