09/07/2021
Citizens Advises Ridgemont Equity Partners on its Acquisition of Sparus Holdings
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the financial advisor to Ridgemont Equity Partners on its acquisition of Sparus Holdings (“Sparus”), a leading provider of critical outsourced field and professional services for utility and industrial customers. Citizens also served as Administrative Agent for the senior debt financing that supported the transaction, which closed in March 2021.
Headquartered in Charlotte, N.C., Ridgemont Equity Partners is a middle-market buyout and growth equity investor. The firm focuses on equity investments up to $250 million and utilizes a proven, industry-focused investment approach and repeatable value creation strategies.
Sparus and its subsidiaries, Southern Cross and The Spear Group, provide field and professional services to customers across utility, industrial and pharmaceutical end markets. Sparus’ technology-enabled service offering includes gas line inspection and leak detection, utility metering services, utility locate services, project management and delivery, owners’ representation and other related professional services.
“Citizens’ extensive knowledge of outsourced field and professional service business models as well as the utility end market provided our team with valuable insight into the compelling growth potential for the company,” said Ryan Jack, Principal at Ridgemont.
Ryan Sugrue, director at Citizens M&A Advisory, said: “We were thrilled to work with Ridgemont on this acquisition that further establishes their investment leadership in the Environmental, Power & Infrastructure services sector. We wish the team at Sparus and Ridgemont the best of luck in this new partnership.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has closed more than 175 transactions in the last five years and has more than 60 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 $185.1 billion in assets as of June 30, 2021. 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 3,000 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.
The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.
