11/17/2021
Citizens Leads $150 Million Upsized Senior Credit Facility for Parts Town
PROVIDENCE, R.I. – Citizens announced today that it served as Sole Lead Arranger for Addison, Ill.-based Parts Town’s upsized $150 million asset-based revolving credit facility.
Founded in 1987, Parts Town is a technology-enabled distributor of genuine original equipment manufacturer parts for the food service industry, both in the U.S. and internationally.
The financing also included a $1.52 billion unitranche debt facility from Golub Capital.
Proceeds from the transaction will be used to refinance existing debt, support a minority equity investment from Leonard Green & Partners L.P., fund a tuck-in acquisition, and provide working capital liquidity going forward.
On November 3, Parts Town announced Leonard Green had made a significant investment in the company. Going forward, current investor Berkshire Partners will retain its majority stake in the company, reinvesting alongside the Parts Town management team and Leonard Green.
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About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.0 billion in assets as of September 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.
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