Citizens Commercial Banking is leading a new senior secured credit facility for Cranston, R.I.-based Taco, Inc., an HVAC systems manufacturer. Citizens Commercial Banking is administrative and collateral agent, sole arranger and sole bookrunner in the ten-bank group.
 
Taco, a third generation family-owned company founded in 1920, will use the new funds, in part, to acquire the Askoll SEI heating pump subsidiary of the privately held Italian company Askoll Holding srl. Taco is a growing multinational company with around 850 people worldwide, 500 are in the United States. It has manufacturing facilities in four countries and does business in 46 countries.

“We have been a longtime client of Citizens Commercial Banking and we appreciate the partnership,” said Taco CEO John Hazen White Jr.  “The Citizens team brings great ideas and seamless execution to every transaction.”
 
“We’re happy to be able to offer our industry expertise as well as our capital markets capabilities to help Taco, Inc.’s management team achieve their strategic and financial goals,” said Jerry Sargent, Head of Middle Market Banking at Citizens Bank.