Daily News: November 8, 2017

Citizens Bank Provides Revolver for Stonegate Capital

Citizens Commercial Banking provided a revolving line of credit for Stonegate Capital, a Chicago-based commercial finance company serving lower middle market companies unable to obtain traditional bank financing. Citizens is the sole lender and administrative agent.

Stonegate, which is led by former Gibraltar Capital Holdings CEO Darren Latimer, closed on a significant equity investment led by Virgo Investment Group. These concurrent closings further establish Stonegate’s presence as a major player in the lower middle market lending space.

“We are excited about our new partnership with Citizens. Closing on this facility was an important step that will enable us to capitalize on the momentum in our business and meet the significant demand for our products,” Latimer said.

“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Chris Carmosino, head of Business Capital at Citizens Bank. “Providing revolving lines of credit to our Lender Finance borrowers is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”