Citizens led a $377.5 million senior credit facility for Arlington Capital Partners to support the acquisition of Merrill Technologies Group and the formation of Keel Holdings. Citizens served as lead left arranger, left lead bookrunner and administrative agent for the facility.
Founded in 1999, Arlington Capital Partners is a Washington, D.C.-based private investment firm specializing in government-regulated industries. It will use proceeds from the credit facility to acquire Merrill, which was combined with existing Arlington Capital Partners portfolio company Pegasus Steel and recently acquired Metal Trades to form Keel, a manufacturer of complex structures for high priority programs within the Navy, Army and Air Force.
“Citizens is a trusted partner across multiple Arlington portfolio companies,” Chris Sakara, head of capital markets at Arlington Capital Partners, said. “The Keel syndication was a great execution across the board. The successful transaction outcome is a tribute to Citizens’ debt capital markets expertise, distribution capabilities and valuable industry knowledge. Working with the entire Citizens team was a pleasure.”
“Citizens has maintained a close relationship with the Arlington team for many years,” Dillon Bowles, managing director and head of Citizens’ aerospace, defense and government services, said. “Our experience in U.S. Navy and broader Department of Defense manufacturing and debt capital markets capabilities made it possible for us to support Arlington in the formation of Keel, and we look forward to its successful future.”
