Citizens CML Banking Leads New Financing for Aerospace Industry

Citizens Commercial Banking led a new credit facility for United Kingdom-based Bromford Industries, a leading supplier of complex, close tolerance engine components, fabrications and assemblies for the global aerospace and power generation industries, to acquire Accrofab Limited, a leading supplier of complex fabricated and machined engine bracketry for the global aerospace industry. Citizens is the sole lead arranger.

“Citizens Commercial Banking is a trusted financing partner,” said Rowan Taylor, founding and Managing Partner of Liberty Hall Capital Partners, a private equity firm based in Charleston, S.C., with offices in New York City which is focused exclusively on investments in businesses serving the global aerospace and defense industry.  “They always bring smart, transformative ideas to the table and execute our transactions quickly and seamlessly.” 

Founded in 1977, Accrofab is a leading supplier of complex fabricated and machined engine bracketry for the global aerospace industry. The company supplies several leading aerospace engine platforms, including the Trent 1000 TEN, Trent XWB, Trent 7000 and BR7000NG, and its top customers include Rolls Royce and PattonAir. Accrofab operates a single facility located in Derby, United Kingdom.

Accrofab represents Bromford’s second acquisition following the strategic acquisition of AeroCision LLC in March 2018. Liberty Hall acquired Bromford in 2016. 

“Providing acquisition capital is just one of the ways that Citizens delivers substantial value for our clients. In this case, the Aerospace, Defense and Government Services corporate banking team led by Dan Darnell and our Aerospace and Defense Corporate Finance team led by Jeff Harrick once again demonstrated their expertise by assisting Bromford Industries,” said Daniel K. Fitzpatrick, president of Citizens Bank, Mid-Atlantic Region, and Head of National Industry Verticals. 

The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

For more information, please go to the Citizens Commercial Banking website.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $161.3 billion in assets as of March 31, 2019. 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 2,900 ATMs and approximately 1,100 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 corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.