Citizens Advises FT Synthetics on its Acquisition by GAF, a Portfolio Company of Standard Industries

11/03/2021

PROVIDENCE, RI- Citizens M&A Advisory announced today that it served as the exclusive financial advisor to FT Synthetics on its acquisition by GAF, a portfolio company of Standard Industries.

FT Synthetics is a fully integrated manufacturer of coated woven fabrics, with a dedicated focus on developing industry-leading new and unique underlayment products designed for the steep slope roofing industry. This includes North American-based operations with advanced equipment for non-woven manufacturing, adhesive application, weaving, coating, lamination and flexographic printing.

Gary Sandhar, co-owner and chief executive officer of FT Synthetics, said: "Kevin Mayer and the team at Citizens provided tremendous support and guidance throughout this transaction. Their market knowledge, technical capabilities and strategic negotiation skillset were all crucial to this process. In addition, they were dedicated, responsive and committed to achieving a successful outcome for the company."

Sandhar added, "We look forward to joining GAF and providing our customers even greater value through our combined resources and expertise."

Kevin Mayer, managing director at Citizens M&A Advisory, said: "This is our third transaction in the roofing underlayment space and our relationship with some of the shareholders of FT Synthetics dates back over a decade. We were thrilled to assist them in finding the right strategic partner to continue their history of growth and innovation. We wish all the FT Synthetics employees and GAF continued success."

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach. The Citizens team has closed more than 175 transactions in the last five years and has more than 70 M&A professionals specializing in a range of industries across the United States. Citizens M&A 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 $187.0 billion in assets as of September 30, 2021. 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 3,000 ATMs and approximately 1,000 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 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 atwww.citizensbank.comor visit us onTwitter, LinkedInorFacebook.

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