Citizens Financial Group Further Expands M&A Advisory Team with Bowstring Advisors
Acquisition
Transaction strengthens coverage with additional sector expertise to serve growing client need
Citizens Financial Group, Inc. (“Citizens”) [NYSE: CFG] today announced a definitive agreement to purchase certain assets of
Bowstring Advisors (“Bowstring,” formerly CHILDS Advisory Partners), an Atlanta-based merger and acquisition advisory firm that
delivers a range of financial services to commercial and industrial clients nationwide. This transaction, which follows several
other recent additions of key industry talent, products and solutions, further strengthens Citizens’ advisory capabilities.
“Clients view Citizens as a trusted partner committed to delivering complete solution sets, quality execution and excellent
service throughout their business life cycle,” said Donald McCree, vice chairman and head of Commercial Banking. “We continue to
move decisively to broaden our capabilities. The addition of the highly regarded Bowstring team more than doubles our M&A
advisory business with deep knowledge in key industry sectors such as healthcare, technology and business services, while
strengthening our coverage nationally and further enhancing our ability to deliver for our clients.”
“We share Citizens’ ambition to build robust advisory capabilities, as well as their commitment to exceptional client solutions.
We look forward to delivering Citizens’ broad set of capital markets capabilities to our growing client base,” said Bowstring CEO
Jim Childs, who founded the firm in 2009.
Bowstring will become part of Citizens Capital Markets, Inc., complementing Western Reserve Partners, which significantly
increased the bank’s M&A capabilities when it was acquired in 2017. The addition of the Bowstring team will further accelerate
the build out of Citizens’ M&A and financial advisory capabilities. Citizens’ recently released eighth annual
Middle Market M&A Outlook noted a strong appetite among mid-sized companies for growth through M&A. This transaction
further strengthens Citizens’ growing presence in the Southeast and nationally.
The transaction, which is expected to close in the first half of 2019, subject to Bowstring receiving FINRA approval, will be
funded with cash. Under the terms of the agreement, Citizens’ wholly-owned subsidiary, Citizens Capital Markets, Inc. (“CCMI”),
will purchase certain assets of Bowstring and upon closing, Bowstring will operate as a division of CCMI. Terms of the transaction
were not disclosed.
Debevoise & Plimpton LLP acted as legal advisor to Citizens. Morris Manning & Martin, LLP acted as legal advisor to
Bowstring on the transaction.
For more information about Citizens, visit the
Citizens Commercial Banking website.
For more information about Bowstring, visit the
Bowstring Advisors website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in
assets as of December 31, 2018. 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 2,900 ATMs and approximately 1,100 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 corporate,
institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits,
capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available
at www.citizensbank.com or
visit us on Twitter, LinkedIn or Facebook.
Forward-looking statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This communication contains “forward-looking
statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address
our expected future business and financial performance and financial condition, and often contain words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.” Forward-looking statements by their nature
address matters that are, to different degrees, uncertain. Uncertainties that could cause our actual results to be materially
different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or
take any filing or other action required to consummate any such transaction on a timely matter or at all. These or other
uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking
statements.
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