Citizens Financial : Advises New State Capital on its Acquisition of Patuxent Roofing and Contracting

06/28/2022

PROVIDENCE, RI - Citizens M&A Advisory announced today that it served as the financial advisor to New State Capital on its acquisition of Patuxent Roofing and Contracting, an independent provider of re-roofing installation and services.

New State has the ability to invest up to $100 million in equity per transaction and seeks to invest in market-leading companies with $8 million to $40 million of EBITDA in the areas of business services, industrials and consumer. New State and its affiliates have invested in more than 30 companies to date.

Headquartered in Laurel, MD, with operations across the mid-Atlantic region, Patuxent primarily focuses on re-roofing services to hospitals, schools, government buildings and other high-end facilities that are subject to complex bid procedures and require operational specialization.

"Citizens' deep understanding of facility services and extensive knowledge of the growth trends, value drivers and market dynamics in the roofing sector provided our team with valuable insight into the exciting growth potential for Patuxent," said New State Vice President Shaun Vasavada. "Together with management, we intend to explore strategic acquisitions targeted at geographic expansion as well as complementary building maintenance, repair and renovation services. We look forward to building on Patuxent's legacy of excellence."

Ryan Sugrue, managing director at Citizens M&A Advisory, said: "We were thrilled to work with New State on this acquisition and are excited to watch the continued growth of the platform under this new partnership."

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has more than 130 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 $192.1 billion in assets as of March 31, 2022. 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 3,300 ATMs and approximately 1,200 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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