Neighbor News
Lowell-based TRC Companies Receives $175 million for Acquisition
Firm using funds to acquire division of Willbros Group
Citizens Bank announced today that it has provided $175 million in financing to Lowell-based TRC Companies (NYSE: TRR), in part to be used for the previously announced $130 million acquisition of the Professional Services business segment of Tulsa, Okla.-based Willbros Group (NYSE: WG).
TRC provides engineering, environmental consulting and construction management services to the energy, environmental and infrastructure markets.
Citizens Bank was the sole lead arrangers for $175 million in credit facilities to facilitate the transaction for TRC.
“We are very pleased to have worked with the team at Citizens Bank on this significant transaction,” said TRC Chairman and Chief Executive Officer Chris Vincze. “The Citizens deal team offered great ideas, worked tirelessly and executed the transaction quickly and seamlessly.”
“This is an exciting time for TRC and we are glad to have been able to help the management team achieve their strategic and financial goals,” said Jerry Sargent, Head of Middle Market Banking at Citizens.
For more information, please go to the Citizens Commercial Banking website.
