Citizens Bank Provides $22.5 Million Credit Facility for Clio Holdings

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Providence, R.I.-based Citizens Bank will lend a $22.5 million credit facility to countertop supplier Clio Holdings.

The Birmingham-based company will use the funds for acquisitions and working capital. 

“Clio Holdings is a great new client for Citizens, and we’re very happy to help them achieve their strategic and financial goals,” says Rick Hampson, the president of Citizens’ Michigan division. “Helping clients grow and providing working capital are just some of the ways that Citizens delivers value for clients at every stage of their business life cycle.”

Founded earlier this year, Clio Holdings is owned by Oakland Standard Co., O2 Investment Partners, and Tecum. It will serve as the holding company to execute management’s buy-and-build strategy focused on the countertop industry. Clio offers a product line of natural stone, quartz, solid surface, and other countertop surfaces for new home construction, big box stores, and repair and remodel customers.

“Citizens Bank has been a great new partner, bringing great ideas to the table and executing on them quickly,” says Bryan Tolles, a partner of Oakland Standard
Co. “We look forward to working with them as a strategic partner going forward as our business continues to grow.”

Founded in 1898, Citizens Financial Group offers a range of retail and commercial banking products and services including wealth management, and mortgage, auto, and student lending.

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