Citizens Advises Hi-Tek Data on its Recapitalization by Sea Pine

PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Hi-Tek Data Holdings LLC., a premier managed service provider, on its recapitalization by Sea Pine Equity Partners, a lower middle-market private equity firm focused on the service sector.

Headquartered in Syosset, NY, Hi-Tek Data provides managed IT support, managed IT security, cloud solutions and other services to businesses in the New York tri-state area. Hi-Tek Data will continue to operate under its established brand while benefiting from the strategic guidance and resources provided by Sea Pine and its partners.

Hi-Tek Data Chief Executive Officer Adam Hartley said: “Citizens was crucial in ensuring the success of this transaction. Tom Donahue and his team were nothing short of fantastic throughout the process. Their extensive sector expertise in the IT-managed services space provided us with a deep understanding of market trends, competitive dynamics and growth opportunities. This insight was invaluable in positioning our business in a way that highlighted our strengths and future potential. The team’s transactional knowledge was equally critical, guiding us through the complexities of the deal. From accurate valuation to managing due diligence and negotiating terms, Citizens ensured the process was smooth and efficient, helping us avoid any potential roadblocks along the way.”

Hartley continued, “Citizens leveraged their deep relationships within the industry and with key financial stakeholders, which facilitated open lines of communication and expedited negotiations. This network not only helped secure favorable terms but also contributed to a quicker, more seamless transition for both parties involved."

The company will be focused on accelerating organic growth and pursuing acquisitions to expand Hi-Tek Data's footprint, enhancing its service portfolio and building on the strong culture that has led to its current success.

Citizens M&A Advisory Managing Director Tom Donahue said: “The Citizens team sees a bright future for the new entity and the continued growth of the MSP platform.”

The recapitalization was completed in partnership with Adam Hartley and was further supported by investments from Harbert Credit Solutions, Route 2 Capital Partners and SharpVue Capital.

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 100 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens JMP Securities, LLC, 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 $219.7 billion in assets as of September 30, 2024. 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 3,100 ATMs and approximately 1,000 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 X (formerly Twitter), LinkedIn or Facebook.