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Citizens Leads $1.8 Billion Asset-Based Senior Credit Facilities for PRO Unlimited
June 30, 2022
By Citizens Financial Group, Inc.
PROVIDENCE, R.I. – Citizens announced that it has provided incremental financing to San Francisco-based PRO Unlimited Global Solutions Inc. PRO Unlimited is currently owned by EQT Partners.
Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.
Citizens led a $635 million increase to PRO Unlimited’s existing $1.16 billion of asset-based senior credit facilities to support the company’s acquisition of Geometric Results, Inc., a subsidiary of MSX International, from funds managed by Bain Capital. GRI is a managed service provider of contingent workforce management solutions to 150-plus clients in more than 20 countries.
The final $1.8 billion senior credit facilities are made up of a $1.66 billion asset-based revolving credit facility and a $140 million First In, Last Out tranche. This transaction follows multiple financings in 2021 to support EQT Private Equity’s acquisition of PRO Unlimited and then the company’s subsequent acquisition of Workforce Logiq. Citizens was the Left Lead Arranger on all transactions.
“The Citizens team was able to provide attractive incremental capital that will allow PRO Unlimited and their financial sponsors to meet their strategic objectives,” said Ted Swimmer, Head of Capital Markets and Advisory at Citizens. “Providing senior credit facilities is just one of the ways that Citizens can deliver substantial value for clients at every stage of their business life cycle.”
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens 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 website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $192.0 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 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 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 at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
