02/12/2024
Citizens leads $377.5 million credit facility for Arlington Capital Partners
Facility supports the formation of Keel Holdings, LLC, a leader in defense manufacturing
PROVIDENCE, R.I. – Citizens announced today that it led a $377.5 million senior credit facility for Arlington Capital Partners to support the acquisition of Merrill Technologies Group and the formation of Keel Holdings, LLC. Citizens served as Lead Left Arranger, Left Lead Bookrunner and Administrative Agent.
Founded in 1999, Arlington is a Washington, D.C.-area private investment firm specializing in government-regulated industries. Proceeds from the credit facility were used to acquire Merrill, which was combined with existing Arlington portfolio company Pegasus Steel and recently acquired Metal Trades, LLC to form Keel. Keel is a manufacturer of complex structures for high priority programs within the Navy, Army and Air Force.
“Citizens is a trusted partner across multiple Arlington portfolio companies,” said Chris Sakara, Head of Capital Markets at Arlington Capital Partners. “The Keel syndication was a great execution across the board. The successful transaction outcome is a tribute to Citizens’ debt capital markets expertise, distribution capabilities and valuable industry knowledge. Working with the entire Citizens team was a pleasure.”
“Citizens has maintained a close relationship with the Arlington team for many years,” said Dillon Bowles, managing director and head of Citizens’ Aerospace, Defense and Government Services. “Our experience in U.S. Navy and broader Department of Defense manufacturing and debt capital markets capabilities made it possible for us to support Arlington in the formation of Keel, and we look forward to its successful future.”
Citizens is a trusted strategic and financial adviser, consistently delivering clear and objective advice. The Citizens approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution, to help our clients enhance their business and reach their potential. For more information, please visit the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.0 billion in assets as of December 31, 2023. 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 3,200 ATMs and approximately 1,100 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 X (formerly Twitter), LinkedIn or Facebook
