12/08/2021
Citizens Advises Aarrowcast, a Portfolio Company of Industrial Opportunity Partners, on its Sale to Charter Manufacturing Company
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Aarrowcast, Inc., a portfolio company of Industrial Opportunity Partners (“IOP”), on its sale to Charter Manufacturing Company, Inc.
Aarrowcast offers a broad range of complex ductile, gray and austempered ductile iron castings to leading original equipment manufacturers and tier one supplier customers in the agriculture, off-highway heavy truck, military and construction markets. The company produces an estimated 85 million pounds of castings annually for more than 100 different customers.
Chris Willis, managing director at Industrial Opportunity Partners, said: "Citizens’ understanding of Aarrowcast’s business and attention to detail helped drive a favorable outcome in the transaction. IOP is appreciative of the team’s efforts and guidance throughout the process."
Matt Mueller, managing director at Citizens M&A Advisory, said: “Under IOP’s ownership, Aarrowcast successfully entered new markets, enhanced its manufacturing capabilities and furthered its position as one of the most modern foundries in North America. It was a pleasure advising and working alongside IOP and Aarrowcast’s management team and we are excited to bring Aarrowcast and Charter Manufacturing together in this transaction. With the companies’ shared culture and strategic alignment, we look forward to following the continued growth and success of Aarrowcast as part of the Charter family.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach. The Citizens team has closed more than 175 transactions in the last five years and has more than 70 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 $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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