Citizens Bank provides $22.5 million credit facility for Clio Holdings, LLC

Citizens Bank announced today that Citizens Commercial Banking is providing a $22.5 million credit facility to Birmingham, MI-based Clio Holdings, LLC. Citizens is the sole lender.

The recently formed Clio Holdings, LLC 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 is now among the largest countertop fabricators in the United States. The company offers a full product line of natural stone, quartz, solid surface and other countertop surfaces for new home construction, big box stores and repair/remodel customers.

The funds will be used for acquisitions, including recent target Top Master, and for working capital.

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

“Clio Holdings is a great new client for Citizens and we’re very happy to help them achieve their strategic and financial goals,” said Rick Hampson, President of Citizens Bank, Michigan. “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.”

Citizens aims to be a go-to strategic and financial partner by offering unrivaled industry expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.

For more information about Citizens, visit the Citizens Commercial Banking website.