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Citizens Bank Provides $23MM Credit Facility to PSI Molded Plastics, Inc.

December 05, 2017, 07:15 AM
Filed Under: Plastics

Citizens Bank announced that Citizens Commercial Banking is providing $23 million in credit to help fund the merger of Wolfeboro, NH-based GI Plastek and Myrtle Beach, S.C.-based Precision Southeast, Inc. to create PSI Molded Plastics, Inc. (PSI).

The transaction facilitates the merger of two Gladstone Investment Corporation portfolio companies to establish a custom injection molder with facilities in New Hampshire, South Carolina, and Indiana that offers a broad and comprehensive range of plastic injection molding capabilities.  The new credit facility was used to pay off existing debt and to consolidate the debt capital in the resulting consolidated entity.

“We greatly value our partnership with Citizens Bank and appreciate the team’s market knowledge and excellent execution,” said Christopher Lee, managing director of Gladstone Investment. “We look forward to continuing to work with Citizens in the years ahead.”

“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger. This transaction shows our team’s strengths as financial advisors who can offer expertise and tailored solutions to help clients execute on business opportunities,” said Joe Carelli, president, New Hampshire and Vermont, Citizens Bank. “Citizens is able to bring the combined strength of the entire bank to help our clients reach their potential.”


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