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Citizens Comm’l Banking Provides $300MM for Investcorp Acquisition

November 04, 2014, 07:31 AM
Filed Under: Technology

Citizens Commercial Banking is providing $300 million in financing for Bahrain-based alternative investment fund Investcorp’s acquisition of Boca Raton, FL-based PRO Unlimited from ABRY Partners.

"We look forward to partnering with Andrew Schultz and the entire PRO Unlimited management team as they continue to grow their client base, increase the breadth and depth of their services and expand their international presence," said Maud Brown, Managing Director at Investcorp. “We value our partnership with the Citizens Commercial Banking team given their industry experience, expertise and execution capabilities."

Commenting on the acquisition, Andrew Schultz, PRO Unlimited's co-founder and chief executive officer said: "We are pleased to have reached this agreement, which will allow us to expand our best-in-class software and services solutions. Our new partner's strategic and financial support will deliver substantial benefits to our customers, employees and all of our stakeholders."

“We are pleased to help finance Investcorp’s acquisition of PRO Unlimited,” said Chris Carmosino, president of Business Capital at Citizens Commercial Banking. “We look forward to supporting PRO Unlimited’s exciting growth plans.”

Founded in 1991, PRO Unlimited has about 600 employees, operates in 52 countries and is a leading provider of software and services that enable large enterprises to more effectively manage their contingent workforce.

Formerly known as RBS Citizens, Citizens Commercial Banking is the commercial banking division of Providence, R.I.-based Citizens Financial Group.

Citizens is ranked the No. 5 U.S. middle-market bookrunner by number of deals in Thomson Reuters’ most recent league table rankings.

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