Citizens Advises Spectrotel on its Sale to Grain Management

Citizens Capital Markets & Advisory served as exclusive financial advisor to Spectrotel, Inc. on its recent sale to Grain Management, LLC. Citizens also served as Left Lead Arranger on the debt financing supporting the acquisition.

In conjunction with the close of the acquisition, Spectrotel’s Founder and CEO Jack Dayan will retain a minority stake and President and COO Ross Artale will take on the position of CEO.  Financial terms of the transaction have not been disclosed.

For more than 27 years, Spectrotel has experienced consistent growth by delivering real choice and expertise in a variety of enabling technologies – managed services, connectivity, cloud communications, security and professional services ­– to mid-market and enterprise businesses. Based in New Jersey, the company has leveraged its relationships with best-in-class technology providers to create an exceptional experience for some of the top enterprise brands throughout the country.

“The vast network, industry expertise, guidance and professionalism displayed by Battle, Tom, Steve and the entire Citizens advisory team was nothing short of extraordinary,” said Artale. “It’s hard to imagine achieving such a positive outcome without them.”

Citizens Managing Director Tom Donahue said: “Congratulations to the Spectrotel team. We’re thankful for the opportunity to leverage our experience and relationships in the communications and managed services sectors in order to facilitate a great outcome for everyone. We’re excited for the partnership with Grain and the very bright future ahead.”

Citizens Capital Markets & Advisory specializes in mergers & acquisitions, debt capital markets, equity capital markets and risk management solutions. Citizens combines sector intelligence with a client-focused approach to realize our clients’ true value. The Citizens’ team has more than 150 professionals specializing in a range of industries across the United States. Citizens Capital Markets & 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 $226.7 billion in assets as of December 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 3,400 ATMs and approximately 1,100 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.

Source – Citizens