07/31/2025
Citizens Advises LayerZero Power Systems, Inc. on Sale of Majority Stake to Advent International
PROVIDENCE, RI – Citizens Capital Markets & Advisory announced today that it served as the exclusive financial advisor to LayerZero Power Systems, Inc. on its sale of a majority stake to Advent International, a global private equity investor.
Established in 2001 and headquartered in Aurora, Ohio, LayerZero is a leading manufacturer of static transfer switches, power distribution units and power panels for data centers and other critical-use applications. Advent will partner with LayerZero’s founders and management team to further scale the company’s operations.
“My co-founder, Jim Galm, and I feel fortunate to have selected Citizens to assist us in the sale of LayerZero,” said Milind Bhanoo, co-founder and CEO of LayerZero. “They participated in every phase of the process, making themselves available for anything and everything we needed. The Citizens team was a group of consummate professionals who were thorough, transparent, accommodating and focused throughout the process. We highly recommend the Citizens team to any founder or entrepreneur who is contemplating a sale of their enterprise.”
Citizens Managing Director Michael Musser added: “Through strategic vision, product excellence and unwavering customer focus, Milind and Jim established LayerZero as the technology leader in electrical equipment and instrumentation for the rapidly expanding data center landscape and semiconductor market. My colleague Mark Filippell and I have built a trusted relationship with the company and our experienced M&A team was able to lead a strong process on their behalf. Partnering with Advent, a globally experienced sponsor renowned for scaling industrial technology companies, is a timely and strategic move.”
Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, 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 $218.3 billion in assets as of June 30, 2025. 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 3,000 ATMs and approximately 1,000 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, LinkedIn or Facebook.
