Citizens Bank announced that it has led new financing to support an ownership buyout of Portsmouth, N.H.-based Madison Resource Funding, which provides payroll and back office services to clients in the staffing industry.

The Citizens Commercial Banking deal team worked with Citizens Capital Markets to arrange a three-bank club transaction, upsizing Madison’s credit facility from $95 million to $130 million.

“The recent Madison Resource Funding transaction continues our long-term relationship with Citizens Bank,” said Lenny Tierney, President of Madison Resource Funding. “Citizens is a valuable financial partner to Madison Resource Funding and we look forward to working with Citizens more in the future.” 

“We are very pleased to be able to help the Madison Resource Funding management team achieve their strategic and financial goals,” said Chris Carmosino, President of Business Capital for Citizens Commercial Banking.