12/08/2020
Citizens Advises CENTRA Technology on its Sale to PAE
PROVIDENCE, RI – Citizens M&A Advisory served as exclusive financial advisor to CENTRA Technology, Inc. on its sale to PAE Inc. (Nasdaq: PAE). A subsidiary of PAE acquired CENTRA in a transaction valued at $208 million, net of tax benefits.
CENTRA is a leading provider of high-end intelligence support, information analytics, engineering services and other advanced technology solutions. Headquartered in Burlington, Mass., CENTRA has more than 760 employees, a majority of whom have top secret clearances, with subject matter expertise across a broad range of critical national security issues.
The acquisition of CENTRA expands PAE to higher-margin markets and strengthens its intelligence, defense and national and homeland security businesses. Additionally, the acquisition broadens PAE’s portfolio of value-add services and technology offerings while adding new customers within the intelligence community, Defense Department, and Department of Homeland Security.
On his experience with the transaction, Jack Barry, chief operating officer of CENTRA, said: “Citizens was a strategic partner for CENTRA and its shareholders for numerous years in advance of our eventual sale to PAE. That trusted and long-term relationship, along with valuable market insight, allowed us to make the proper preparatory steps and business decisions to increase the value and attractiveness of our business. Citizens helped us navigate the complexities of a sale process, and leveraged their buyer relationships to find us the perfect home with PAE.”
John Heller, PAE chief executive officer, said: “The acquisition firmly aligns with PAE’s strategy of expanding the business to higher-margin market areas. By acquiring CENTRA, PAE realizes a significant milestone in the execution of our strategic growth plan to be a provider of innovative, higher-margin, knowledge-based offerings in attractive, resilient end markets. This exciting opportunity builds on our intelligence analysis capabilities while increasing customer access, accelerating growth and enhancing shareholder value.”
Dillon Bowles, managing director and head of Citizens’ Aerospace, Defense and Government Services group, added: “The acquisition of CENTRA further positions PAE at the forefront of addressing pressing national security issues and technology innovation. The two companies share a culture that is both mission focused and employee centric. We look forward to following the continued success of PAE and CENTRA as a combined company.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions as well as later-stage financing transactions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 150 transactions in the last five years and has more than 80 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.2 billion in assets as of September 30, 2020. 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 2,700 ATMs and approximately 1,000 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 a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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