Citizens Advises Engineered Solutions Group on its Acquisition by The Timken Company – Citizens Bank

11/21/2023

Citizens Advises Engineered Solutions Group on its Acquisition by The Timken Company

PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the exclusive financial advisor to Engineered Solutions Group on its previously announced acquisition by The Timken Company.

Headquartered in Houston, Texas, ESG specializes in the design and manufacturing of proprietary thrust and radial bearings, primarily serving the oil and gas industry. The company also provides anti-wear coatings through its proprietary “Intellifuse” coating technology and machines other components for downhole tools. ESG operates facilities in Alberta, Canada, and Houston, Texas.

The company is a subsidiary of H-D Advanced Manufacturing, an industrial holding company backed by Hicks Equity Partners, The Riverside Company and Weinberg Capital Group.

Weinberg Capital Group Founder and Investing Partner Ronald Weinberg said: “Having done deals for many years, I know very well that it is the whole team that makes it happen. We appreciate the Citizens M&A Advisory team’s drive, passion and being there each day to move the process along. Our shareholders commend the entire Citizens team for helping reach an excellent outcome for ESG, and we look forward to seeing ESG’s path forward as a part of Timken.”

Citizens M&A Advisory Managing Director Mark Filippell said: “H-D Advanced Manufacturing developed ESG into a world-class specialty bearings company. We were pleased to be of service in the sale of this wonderful enterprise. As a part of Timken, ESG will continue to grow worldwide.”

Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients’ true value. The Citizens team has more than 100 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens JMP Securities, LLC., a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $225.3 billion in assets as of September 30, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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