Citizens Commercial Banking said Tuesday it has closed a $495 million senior secured credit arrangement for Des Plaines-based Justrite Safety Group.
The package refinances a previous loan arrangement, as well as provides Justrite with new capital to grow the company, a Justrite spokesman said Tuesday.
Founded in 1906, Justrite Safety Group is a global manufacturer of industrial safety management equipment and tools for flammable liquids and other hazardous materials. Products include safety cabinets, vessels and containers, spill containment systems, safety showers and eye/face washes, according to the company's website.
Justrite has been growing over the past few years through a number of acquisitions. Last April, it acquired Florida-based Accuform Manufacturing, a manufacturer of safety identification signs, tags, labels and other devices, for an undisclosed sum. In 2018, the company bought West Virginia-based Eagle Manufacturing Co, a maker of safety cans, cabinets, and spill containment products, as well as Colorado-based Checkers Industrial Products, a manufacturer of products for vehicle safety, asset protection and workplace safety.
The spokesman said the company could use the credit package for new acquisitions, but did not specify further.
Justrite Chief Financial Officer Doug Waugaman said the company decided to go with Chicago-based Citizens Commercial Banking because "we have been impressed by the Citizens team's value-added ideas and efficient execution."
Joseph C. Giampetroni, Midwest regional executive for Citizens Commercial Banking, added the Justrite deal "further demonstrates the power of Citizens' capital markets and corporate finance capabilities and the elevated league table ranking we have earned as a result."