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Citizens to strengthen operations with Trinity
Posted on Friday, 14 February 2020 14:39
Citizens Financial Group, through Citizens Capital Markets (CCMI), is buying the assets of US-based advisory firm Trinity Capital.
No financial details were disclosed.
Los Angeles-headquartered Trinity provides a range of financial and advisory services to commercial clients and middle-market businesses.
The group covers debt restructuring, leveraged and management buyouts, as well as private placements of debt and equity.
Since its formation in 2000, Trinity has closed more than 500 transactions for brands such as Burger King, TGI Fridays, Sizzling Platter and Taco Bell.
The acquisition will be financed with cash and is slated to complete later this quarter, subject to regulatory approval.
Upon closing, the target will operate as a division of CCMI.
Ted Swimmer, head of corporate finance and capital markets for Citizens Commercial Banking, said: “The addition of the Trinity Capital team expands our ability to act as a trusted strategic and financial partner.
“Trinity adds deep expertise in the restaurant, retail, food and beverage, and agricultural sectors while strengthening our overall coverage nationally.”
As a result, the transaction will further consolidate Citizens’ growing advisory activities.
Based in Rhode Island, the acquiror claims to be the 13th largest retail bank in the US.
Citizens offers retail and commercial products to individuals, small businesses and large corporations, among other entities, across the country.
As of 31st December 2019, the bank had total assets worth USD 165.70 billion and deposits totalling USD 125.30 billion.
Zephyr, the M&A database published by Bureau van Dijk, shows there were 421 deals targeting investment advice providers announced globally in 2019.
The largest of these was worth CNY 14.00 billion (USD 2.01 billion) and saw PetroChina, China National Petroleum and China National Petroleum Corporation agree to invest in China Petroleum Finance.
Charter Investments, Triumph Bancorp and United Capital Financial Partners, among other companies, were also targeted in this sector last year.
© Zephus Ltd