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Citizens Financial Expands Financial Valuation Practice, Acquires Willamette Management Associates

August 06, 2021, 07:46 AM
Filed Under: Banking News

Citizens Financial Group entered into a definitive agreement to acquire Willamette Management Associates, a valuation consulting and forensic analysis firm with offices in Chicago, Atlanta and Portland, Ore. This transaction further strengthens the growing corporate financial advisory capabilities and places Citizens among the top valuation services providers in the country.

Founded in 1969, Willamette Management Associates delivers a range of financial advising services to corporate clients and the legal profession. Those services include business valuation, intellectual property valuation and royalty rate analysis, forensic accounting investigations, transaction fairness opinions and solvency opinions, lost profits and economic damages analysis, not-for-profit entity valuation and private investment opinions, transaction financial advisor and due diligence services, and employee stock ownership plan (ESOP) valuation and adequate consideration opinions.

“Clients view Citizens as a trusted partner committed to delivering complete solutions, quality execution and excellent service throughout their business life cycle,” said Donald McCree, vice chairman and head of Commercial Banking at Citizens. “The addition of the highly regarded Willamette team strengthens our ability to provide sound opinions and valuation services for our clients.”

“We share Citizens’ desire to offer robust advisory capabilities, as well as their commitment to exceptional client solutions,” said Willamette Managing Director Robert “Bob” Schweihs.

“We look forward to joining the Citizens team and continuing to provide trusted advice to a growing range of clients,” added Willamette Managing Director Robert Reilly.

The Willamette team will significantly expand the valuation services division that Citizens acquired as part of its purchase of Western Reserve Partners in 2017. It will also accelerate the build-out of Citizens’ corporate financial advisory capabilities, which includes the 2019 acquisition of Bowstring Advisors and the 2020 acquisition of Trinity Capital Partners, while further strengthening Citizens’ growing national presence.

Terms of the transaction, which is expected to close this quarter, were not disclosed.

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