02/16/2023
Citizens Advises EGC Enterprises on its Sale to CDI Energy Products, a Michelin Group Company
PROVIDENCE, RI – Citizens M&A Advisory served as the exclusive financial advisor to EGC Enterprises on its recent sale to CDI Energy Products, a Michelin Group company.
Founded in 1978 and headquartered in Chardon, OH, EGC is a leading producer of highly engineered flexible graphite solutions. The company’s world-class engineers design gaskets, seals, laminates and thin-film heaters, among other products, to address critical fluid and thermal management needs of its global aerospace, transportation, power generation and commercial clients.
Acquired by Chairman and CEO Hugh Slater in 2014, EGC expanded its patented graphite solution capabilities with the acquisition of North Carolina-based Slade in 2021. As part of CDI, EGC will maintain its Ohio and North Carolina operations and benefit from CDI’s custom engineering capabilities, design and manufacturing expertise and global supply chain access.
Regarding the transaction, Slater said: “We are excited for this new chapter in EGC’s history and sustained growth ahead with CDI. I am deeply appreciative of the Citizens M&A team for our longstanding relationship, the advice they have provided as we grew EGC over the years and their execution expertise in this transaction with CDI and Michelin.”
Citizens M&A Advisory Managing Director Andrew Male said: “Hugh and the EGC team have built an exceptional business based on innovative sealing technology and superior service that is positioned for exponential growth as part of CDI and Michelin. We are honored to have advised EGC in this marquee transaction.”
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 more than 150 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).
Contact Information:
Frank Quaratiello
617.543.9810
[email protected]
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 30, 2022. 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 full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. 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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