Ferretti Joins Webster Bank as Senior Vice President, Market Manager Commercial & Industrial Middle Market Banking
May 25, 2022
Webster Bank is pleased to announce that it is expanding its commitment to Commercial & Industrial Middle Market Banking with the addition of David Ferretti as Senior Vice President, Market Manager, New Haven.
Ferretti reports to Douglas Scala, Regional President, New England and is responsible for providing comprehensive commercial banking services to middle market clients and prospects throughout greater New Haven County.
Bridgeport Capital Announces Bob Seidenberger has Joined as Senior Vice President of Business Development
May 24, 2022
Bridgeport Capital is pleased to announce the addition of Bob Seidenberger as Senior Vice President of Business Development to the Bridgeport team. Bob will be opening a regional sales office in Philadelphia, Pennsylvania and will report to Max Toledo. Bob brings 25 years years of experience in the financial services industry and is extremely knowledgeable on all aspects of factoring.
ZenFi Networks Secures $175 Million Senior Secured Credit Facility
May 23, 2022
ZenFi Networks, an innovative leader of digital infrastructure solutions in the New York and New Jersey metro region, announces today that it has secured $175 Million in Senior Secured Credit. The credit facility will be used to refinance existing debt and support continued growth initiatives as the company continues the build-out and expansion of the LinkNYC project throughout the five boroughs of New York City.
eCapital Provides $21MM Working Capital Line of Credit for Southern California Automotive Company
May 23, 2022
eCapital Corp. (“eCapital”), a leading tech-enabled finance provider across North America and the UK, today announced the recent closure of a $21 million working capital line of credit to a Southern California automotive company (“the company”).
Operating profitably in a competitive industry for over a decade, the company previously met its specialized funding needs via private investors.
CIBC Innovation Banking Announces $35M Growth Capital Financing for Impartner
May 19, 2022
CIBC Innovation Banking is pleased to announce $35 million of growth capital financing to Salt Lake City-based Impartner Inc. (“Impartner”), a leading partner relationship management (PRM) platform. Impartner plans to use the financing to increase its investments across sales & marketing, go-to-market strategy, and research & development to further accelerate its growth momentum.
Six Actions Your Retail Clients Can Take Now to Counter Economic Volatility
May 18, 2022
After historic GDP growth and retail sales in 2021, are the days of unprecedented growth over for your retail clients? The short answer: It’s complicated.
If the last two years have shown us anything, it is that uncertainty is the new normal. When COVID shut down the economy in March 2020, the impact on the retail sector was profound. In some parts of the country, brick and mortar stores were closed for up to 90 days and in-person sales ground to a halt for all but the most essential items.
Signature Bank Launches New National Business Line With Appointment of Healthcare Banking and Finance Team
May 18, 2022
Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today the launch of a new business line with the appointment of a nine-person Healthcare Banking and Finance (HBF) team. The new private client banking team will provide lending services while garnering deposits to clients within the healthcare arena.
Leading the new business and HBF team is Matthew T. Huber, recently named Senior Vice President and Managing Group Director. In this capacity, Huber will oversee all aspects of the HBF team, including managing the team’s pipeline and banking activities and building a healthcare-related portfolio spanning both lending and deposit clients.
Fashion Powerhouse Jessica Simpson Partners with Schottenstein Backed Second Avenue Capital Partners
May 17, 2022
Second Avenue Capital Partners (SACP), the lending arm of SB360 Capital Partners (SB360), announced the closing of a $67.5 million term loan for The Jessica Simpson Collection, the $1 BILLION fashion empire and signature lifestyle brand inspired by and designed in collaboration with Jessica Simpson. The new financing will be used to retire an existing credit facility and provide additional liquidity to fund new growth and a rapidly expanding portfolio.
The Art and Science of Loaning Against Trademarks
May 16, 2022
Trademarks are one of the fastest-growing collateral categories in the ABL sector—due in no small part to the ease with which owners of properly supported brands can sell their products via multiple channels, including e-commerce, m-commerce, wholesale distribution, and retail stores. On the consumer side, younger generations are driving much of the e-commerce and m-commerce demand. They have grown up absorbing branded content on Tik-Tok and Instagram and have also discovered the convenience of making brick-and-mortar returns.
MidFirst Business Credit Announces New Lending Relationship with Group360, Inc. d/b/a We Are Alexander
May 16, 2022
MidFirst Business Credit (MFBC) announced it has provided a $5.5 million working capital facility to Group360, Inc., d/b/a We Are Alexander (“We Are Alexander”). Headquartered in St. Louis with offices in New York and Dallas, We Are Alexander provides a portfolio of integrated marketing communications services, including strategy, creative, retail marketing, packaging design and production, premedia, photography and experiential marketing.
Crestmark, the Commercial Finance Division of MetaBank®, Provides More Than $26.8 Million in Commercial Financing to 43 Businesses in the Second Half of April
May 16, 2022
Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $12,801,160 in ABL/factoring financial solutions for 11 new clients; Crestmark Equipment Finance provided $10,080,680 in 11 new large ticket transactions and $2,320,351 in 20 new small ticket vendor transactions; and the Structured Finance group provided $1,600,000 in financing for one new client in the second half of April.
Keybank And Beach Point Capital Management Launch $1.5 Billion Middle Market Direct Lending Program
May 13, 2022
KeyBank and Beach Point Capital Management ("Beach Point"), a credit focused investment manager, announced that they have established a new joint venture middle market direct lending program with $1.5 billion in lending capacity for U.S. middle market clients.
CIT Arranges $714 Million for Thermal Generation Assets in California
May 12, 2022
CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as coordinating lead arranger on $714 million in financing for a portfolio of thermal generation assets in California.
The proceeds were used to refinance a 1.8-gigawatt portfolio owned by subsidiaries of the Avenue Capital Group and managed by Middle River Power. Assets within the portfolio consist of eight gas-fired peaking plants and two gas-fired combined cycle power plants located near metropolitan centers across California.
First Citizens Middle Market Banking Provides $60 Million to Bahakel Communications
May 10, 2022
First Citizens Bank today announced that its Middle Market Banking business provided a $60 million loan to Bahakel Communications to refinance existing debt and help finance future growth opportunities.
Bahakel Communications is a family owned-and-operated radio and television broadcast company headquartered in Charlotte, North Carolina, with additional locations in South Carolina, Alabama, Tennessee and Colorado.
Monroe Capital Hires Gordon Saint-Denis to Head Sports Finance Vertical
May 10, 2022
Monroe Capital LLC (“Monroe”) today announced Gordon Saint-Denis has joined the firm as Managing Director, Head of Sports Finance. Gordon will be responsible for originating new investments across the capital structure for acquisition financing and recapitalizations for all major sports teams and venues in North America and Europe as well as other businesses in the sports ecosystem such as soccer, rugby, cycling, racing, golf, endurance races, e-sports and sports technology companies, merchandising, name, image and likeness (NILs), ticketing, and equipment companies.
Bankruptcy & Restructuring - Where are we Now? Update 2022
May 9, 2022
The last two years have been a roller coaster for businesses. The early pandemic lockdowns initially wreaked havoc on small businesses; and then we saw what some consider to be a market overcorrection. Relief came in the form of PPP loans, Main Street Lending, and various other subsidies and programs. We look to the data – year over year commercial bankruptcy filings are down 31% and Chapter 11 filings are down 48%. Comparing 2021 to 2019, commercial bankruptcy filings are down 31% and Chapter 11 filings are down 33%.
White Oak Provides $21.3 Million Senior Credit Facility to Support Salt Creek Capital’s Acquisition of Omni Recycling
May 9, 2022
White Oak Global Advisors LLC (“White Oak”) announced today it has provided a $21.3 million senior credit facility to Omni Recycling (“Omni”), a leading single-stream recycling and waste disposal company. The transaction supported Salt Creek Capital’s (“Salt Creek”) acquisition of the company. Salt Creek is a San Francisco Bay Area-based private equity firm that partners with lower middle-market businesses to accelerate growth and improve operating efficiencies.
Cambridge Savings Bank Provides Modera Wealth Management with $26 Million Financing Package to Power M&A Growth, Build Out Employee Equity Strategy
May 6, 2022
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced that its Commercial Lending team provided a $26 million financing package over the life of the relationship, including both a refinance of existing debt and new debt, to Modera Wealth Management, LLC (MWM) and individual members of its ownership group.
eCapital Corp. Names Raphael Torres as New Managing Director of Staffing
May 4, 2022
eCapital Corp. (“eCapital”), a leading alternative finance provider in North America and the U.K., has named Raphael Torres its new Managing Director of Staffing, a key division of its Commercial Finance group. Raphael will lead a specialized team of account management and operations professionals to support the unique financial needs of the staffing industry.
Wingspire Capital & TCW Private Credit Provide Unitranche Senior Credit Facility to cabi
May 3, 2022
Wingspire Capital LLC and TCW Asset Management Company LLC together provided a unitranche senior credit facility to women’s apparel brand cabi LLC.