Daily News: December 5, 2017

Citizens Bank Provides $23MM Facility to PSI Molded Plastics

Citizens Commercial Banking provided $23 million in credit to help fund the merger of Wolfeboro, NH-based GI Plastek and Myrtle Beach, SC-based Precision Southeast to create PSI Molded Plastics. The transaction will enable the merger of two Gladstone Investment portfolio companies, establishing a custom injection molder with facilities in New Hampshire, South Carolina and Indiana which offers a  range of plastic injection molding capabilities.

The new credit facility will be used to pay off existing debt and consolidate the debt capital in the resulting consolidated entity.

“We greatly value our partnership with Citizens Bank and appreciate the team’s market knowledge and excellent execution,” said Christopher Lee, managing director of Gladstone Investment. “We look forward to continuing to work with Citizens in the years ahead.”

“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger. This transaction shows our team’s strengths as financial advisors who can offer expertise and tailored solutions to help clients execute on business opportunities,” said Joe Carelli, president, New Hampshire and Vermont, Citizens Bank. “Citizens is able to bring the combined strength of the entire bank to help our clients reach their potential.”