Citizens Bank provides $23 million for merger including N.H. plastics firm

CITIZENS BANK provided $23 million to help finance a merger including New Hampshire-based GI Plastek and South Carolina-based Precision Southeast Inc. to create a new company called PSI Molded Plastics Inc. / BLOOMBERG FILE PHOTO/KELVIN MA
CITIZENS BANK provided $23 million to help finance a merger including New Hampshire-based GI Plastek and South Carolina-based Precision Southeast Inc. to create a new company called PSI Molded Plastics Inc. / BLOOMBERG FILE PHOTO/KELVIN MA

PROVIDENCE – Citizens Bank last week announced it provided $23 million to help finance a merger including a New Hampshire plastics company.

The merger, between New Hampshire-based GI Plastek and South Carolina-based Precision Southeast Inc., created a new company called PSI Molded Plastics Inc.

Citizens, based in Providence, provided a $23 million credit facility to help the company pay off existing debt and to consolidate debt capital at the new company. The two companies are within the portfolio of Gladstone Investment Corp., a publicly traded private equity firm.

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

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The merger will establish a single company with facilities in New Hampshire, South Carolina and Indiana, according to a press release. The company provides plastic injection molding capabilities, according to the release.

“We are excited to partner with Gladstone and support PSI in this exciting and transformative merger,” said Joe Carelli, president of New Hampshire and Vermont markets at Citizens Bank.

Citizens Bank, a subsidiary of Citizens Financial Group Inc., is the largest Rhode Island-based bank.

Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.

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