06/04/2019
Citizens Commercial Banking leads financing for Burris Logistics
Funds used to acquire Trinity Logistics, Inc. and for working capital purposes
PROVIDENCE, RI – Citizens Commercial Banking led a senior secured asset-based revolving credit facility for Burris Logistics. The funds were used to acquire Trinity Logistics and for general working capital purposes. Citizens served as Sole Lead Arranger, Bookrunner and Administrative Agent for the asset-based revolving credit facility.
Founded in 1925 and headquartered in Milford, DE, Burris Logistics provides temperature-controlled warehousing, logistics, consolidation/redistribution and supply chain management services primarily to producers, wholesalers, and retailers of perishable food products. The company’s public refrigerated warehouses can be found in strategic locations, near major transportation hubs, and ports while offering comprehensive transportation solutions across the United States.
Trinity Logistics, Inc. specializes in “asset-light” freight brokerage and supply chain management solutions. The company operates through a network of five regional service centers primarily located throughout the Midwest and its headquarters facility in Seaford, DE, and independent agents that span 27 states with additional agents in Canada and Mexico.
“We have a long relationship with Citizens’ bankers and they were able to execute this transaction quickly to accommodate our acquisition of Trinity Logistics,” said Don McEntaffer, CFO of Burris Logistics. “We also look forward to taking advantage of Citizens’ treasury management solutions.”
“At Citizens, we try to think about the needs of our clients from their point of view,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals. “Our teams were able to provide a solution for Burris Logistics that met the leadership team’s needs as the company continues to grow. 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.
