05/18/2023 | Press release | Distributed by Public on 05/18/2023 07:00
05/18/2023
PROVIDENCE, RI - Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Palmdale Oil Company, Inc. on its strategic growth investment from First Reserve, a leading global private equity investment firm exclusively focused on investing across diversified energy, infrastructure and general industrial end-markets.
Headquartered in Fort Pierce, Fla., Palmdale Oil provides a wide range of tailored commercial fuel and lubricant solutions to customers in the agricultural, industrial, construction, marine and government sectors in more than 50 counties across the state of Florida. The company was founded by William Cheatham in 1984 and is currently run by various members of the Cheatham family who will retain a significant ownership stake in the business and continue to lead the company in partnership with First Reserve.
Financing for the transaction was also provided by Citizens.
Palmdale Oil CEO Lachlan Cheatham said: "We could not be happier with the efforts by the entire Citizens team to help us achieve a successful outcome. Their industry expertise, knowledge of the partner universe and flexibility to manage a dynamic competitive process allowed us to find the best partner for our company's next stage of growth."
Citizens M&A Advisory Managing Director Matt Ksiazek said: "We are proud to have served as Palmdale's trusted strategic advisor to help the company achieve its goals and continue to accelerate its already impressive growth trajectory. Lachlan and team have built Palmdale into a leading outsourced fuel solutions platform providing unparalleled levels of service to its expanding customer base. We are excited to see the company, in partnership with First Reserve, continue to execute on its strategic plan."
Citizens Capital Markets & Advisory specializes in mergers & acquisitions, debt capital markets, equity capital markets and risk management solutions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has more than 150 professionals specializing in a range of industries across the United States. Citizens Capital Markets & Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $222.3 billion in assets as of March 31, 2023. 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 full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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