Citizens Financial Group Inc., a financial institution headquartered in Providence, RI, agreed to acquire merger and acquisition advisory firm Bowstring Advisors, a provider of middle-market investment banking services to staffing and HR technology firms.

Atlanta-based CHILDS Advisory Partners in May 2018 changed its corporate name to Bowstring Advisors. 

Bowstring founder and CEO Jim Childs will remain with the firm as a co-head of Citizens' M&A group, reporting to Donald McCree, vice chairman and head of commercial banking at Citizens.

The transaction is expected to close in the first half of this year and will be funded with cash. Citizens’ wholly owned subsidiary, Citizens Capital Markets Inc., will purchase assets of Bowstring and upon closing, Bowstring will operate as a division of CCMI. Terms of the transaction were not announced.

Bowstring Advisors’ targeted sectors healthcare services, human capital management, industrial services, IT and professional services, and software companies.

“We continue to move decisively to broaden our capabilities,” McCree said. “The addition of the highly regarded Bowstring team more than doubles our M&A advisory business with deep knowledge in key industry sectors such as healthcare, technology and business services.”