RALEIGH,
N.C., Oct. 17, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Middle Market
Banking business served as lead arranger on acquisition
financing for Nashville-based
Encore Luxury Coaches, a leading provider of luxury entertainment
travel.
The financing supports Encore's strategic acquisition of
Nitetrain Coach Company, which creates the largest entertainer
coach leasing company in North
America with a fleet of more than 145 coaches. The
acquisition will also expand Encore's leasing and coach conversion
operations; the combined company will have offices in Phoenix, Arizona; Cornelius, North Carolina; and Nashville, Tennessee with over 85,000 square
feet of maintenance facilities and over 25 maintenance
technicians.
"We appreciate First Citizens' efficiency and precision in
arranging acquisition financing, which will enable us to deliver
our premium service to even more clients in the growing
entertainment industry," said Justin
Ward, CEO of Encore.
First Citizens Middle Market Banking worked closely with its
Capital Markets division to arrange the financing.
"This deal demonstrates the expertise across First Citizens Bank
with our Capital Markets group playing an instrumental role in
placing and negotiating this acquisition financing," said
Eric Searls, managing director at
First Citizens Bank. "We are pleased to support Encore's strategic
business endeavors and look forward to serving more of their
banking needs."
First Citizens Middle Market Banking delivers a range
of financial solutions to midsize clients through a relationship
banking model. The business offers deposit solutions, loans,
treasury services and other banking products to manufacturers,
distributors and a wide variety of service industries.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
First Citizens Bank, Member FDIC. Discover more at
firstcitizens.com.
MEDIA RELATIONS:
Lexa Tutela
Losey
212-461-5305
Lexa.tutela@firstcitizens.com
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SOURCE First Citizens Bank