- Rubicon Minerals Announces Extension of Loan Facility
- Antares Supports Novacap’s Acquisition of Logibec
- Peapack-Gladstone Bank Announces the Expansion of the Peapack Capital Team to Accommodate Continued Growth
- Franklin Capital Announces Participation in the SFNet 76th Annual Convention
- Business Executives See Improved Prospects for Their Own Companies but Report Little Confidence in U.S. Economy Overall, AICPA Survey Finds
Huntington Business Credit Closes $250 Million Credit Facility with Concordance Healthcare Solutions, LLC
Huntington Business Credit acting as administrative agent and joint lead arranger announced it closed a new $250,000,000 credit facility with Concordance Healthcare Solutions, LLC on December 28, 2020. Proceeds of the facility were used to refinance existing indebtedness and to provide ongoing working capital growth financing.
TSL Express Trending Story
Governor Cuomo Approves New York State Disclosure Law…Compliance Requirements to be Established in Rulemaking
In a Memorandum filed with Senate Bill SB-5470-B, New York State Governor, Andrew Cuomo acknowledged SFNet’s and other’s opposition to the measure noting that “there is no strong consensus as to the best approach in how to compare various products” and stating, “I have secured an agreement with the legislature to make certain technical changes to this bill to better provide clarity…”. The new statute requires non-regulated commercial lenders, including asset-based lenders and factors, that propose to lend $2 million (pending approval by the legislature the threshold is likely to be at least $2 million) or less to New York-based borrowers to make certain uniform disclosures in their proposals including an “estimated” Annual Percentage Rate.
TSL Express Daily Headlines & News
Main Street Announces New Portfolio Investment Invests $51.7 Million in Bolder Panther Group, LLC
January 11, 2021Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the minority recapitalization of Bolder Panther Group, LLC (the "Company" or "Smoker Friendly"), one of the largest retailers of tobacco products in the United States. Main Street partnered with the Company's senior management team and other existing shareholders to facilitate the transaction, with Main Street funding $51.7 million in a combination of first-lien, senior secured term debt and a direct preferred equity investment.
Moritt Hock & Hamroff Announces 2021 Attorney Promotions
January 11, 2021Moritt Hock & Hamroff has announced that Jill T. Braunstein, formerly counsel of the firm, has been elevated to partner, that Brian P. Boland and Christine H. Price, formerly associates of the firm, have each been elevated to counsel, and that Stephen Breidenbach, formerly an associate of the firm, has been elevated to assistant general counsel-technology, effective January 1, 2021.
Clear Thinking Group Promotes Brian Allen to Partner
January 11, 2021Clear Thinking Group LLC is pleased to announce the promotion of Brian Allen to Partner effective immediately. Mr. Allen has over 25 years of experience serving in senior finance positions with both public and private companies. As a consultant for the past thirteen years, Mr. Allen has been engaged by numerous companies in the consumer product, retail, and manufacturing industries to improve financial operations and performance through strategic and financial alternatives.
Coronavirus Drives Auto Bankruptcies Higher
January 11, 2021Coronavirus-driven reduction in demand, and operational and supply chain disruptions, have resulted in a material uptick in bankruptcies and distress in the U.S. automotive industry, according to a new Fitch Ratings report.
eCapital Provides Over $10 Million in Increased Factoring Facilities to Support COVID-19 Efforts
January 11, 2021eCapital Commercial Finance (“eCapital”), a division of eCapital Corp., a leading North American alternative financing solution provider for small and medium-sized businesses, today announced it delivered over $10 million in additional funding to clients with existing factoring facilities during the COVID-19 pandemic to help them meet demand for products and services. The company leveraged its factoring solutions to support businesses with a diverse range of operations from warehouse support to staffing for healthcare professionals to vaccine preparations.
Marathon Asset Management Closes $2.5 Billion Distressed Fund
January 11, 2021Marathon Asset Management ("Marathon"), a leading global credit investment manager, today announced the final close for its Marathon Distressed Credit Fund, which was oversubscribed with approximately $2.5 billion in commitments. The fund will invest in a wide range of situations by providing capital solutions that allow companies to grow or reposition their businesses, including stressed and distressed companies in transition.
Scripps Completes Acquisition of ION Media from Black Diamond, Creating New National Networks Business
January 11, 2021Methuselah Advisors and Morgan Stanley & Co. LLC acted as financial advisors to Scripps and arranged the preferred equity investment by Berkshire Hathaway. Morgan Stanley Senior Funding Inc. provided the financing commitments for the secured and unsecured debt. Ernst & Young Capital Advisors, LLC served as debt advisor.
AlixPartners Announces Managing Director Promotions
January 11, 2021AlixPartners, the global consulting firm, announced today the promotion of 12 individuals to the role of Managing Director, effective January 1, 2021. Simon Freakley, Chief Executive Officer of AlixPartners, said, "These promotions recognize the inspiring leadership and contributions of our new Managing Directors. I am very pleased to congratulate each of these outstanding colleagues whose work for our clients to help their businesses succeed during these disruptive times is more critical than ever.”
Monroe Capital Supports Vivo Capital LLC’s Acquisition of Serán Bioscience, Inc.
January 11, 2021Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the acquisition of Serán Bioscience, Inc. (“Serán”) by private equity sponsor Vivo Capital LLC.
FocalPoint Secures Financing for Edgewater Capital Partners
January 11, 2021Naprotek, Inc. (“Naprotek” or the “Company”) has secured financing from TCF National Bank (“TCF”) and Patriot Capital, LP (“Patriot”) in connection with its acquisition by Edgewater Capital Partners (“Edgewater”). FocalPoint Partners, LLC (“FocalPoint”) served as financial advisor to Edgewater, providing exclusive buyside and debt advisory service in the process. Based in San Jose, CA, Naprotek is an electronics manufacturing services (“EMS”) company and a leading provider of quick turn printed circuit board assembly (“PCBA”) services for high-reliability (“Hi-Rel”) applications in the defense, space, medical, semiconductor, and specialty industrial markets.
TradeCap Partners Provides $1,200,000 Purchase Order Finance Facility for Pacific Northwest Household Products Importer
January 8, 2021TradeCap Partners recently facilitated the closing of a $1,200,000 purchase order finance facility for an importer of household products based in Oregon. TradeCap was introduced by the Company’s financial advisor. Supply chain disruptions caused by the COVID-19 pandemic have left many retail stores with shortages of daily consumable household goods. One major retailer was in need of immediate supply of goods to fill shortfalls of product existing vendors were not delivering on time.
Versant Funding Provides a $4 Million Non-Recourse Factoring Facility to Manufacturer of Precision Airplane Parts
January 7, 2021Versant Funding LLC is pleased to announce it has funded a $4 million non-recourse factoring facility to a manufacturer of precision airplane parts with commercial and military applications. The financial performance of this company was negatively impacted by the pandemic and the existing asset-based lender was putting pressure on the business to refinance the facility as soon as possible.
Sun Life Completes Majority Acquisition of Crescent Capital Group LP
January 7, 2021Sun Life Financial Inc. ("Sun Life") (TSX: SLF) (NYSE: SLF) today announced the completion of its 51% majority stake acquisition of Crescent Capital Group LP ("Crescent"), a global alternative credit investment manager. Headquartered in Los Angeles with offices in New York, Boston and London, Crescent has more than 180 partners and employees. Crescent has approximately US$29 billion in Assets under Management (approximately C$39 billion), as of September 30, 2020.
Sheppard Mullin Strengthens Finance Practice With Addition of Stacey Rosenberg
January 7, 2021Sheppard, Mullin, Richter & Hampton LLP is pleased to announce that Stacey L. Rosenberg has joined the firm’s Los Angeles office as a partner in the Finance & Bankruptcy practice group. Rosenberg was most recently a partner at Hogan Lovells. She is the 15th partner to join Sheppard Mullin in the last year.
Palladin Consumer Retail Partners Invests In Leapfrog Brands
January 7, 2021Palladin Consumer Retail Partners, LLC ("Palladin" or "PCRP") (www.pcrp.com) announced today an investment in Leapfrog Brands, LLC ("Leapfrog" or the "Company") (www.leapfrogbrands.com) in partnership with the current owners and senior management team of Kurt Sward, CEO, Rick Ellison, President & COO, Jill Pearson, VP of Sales and Marketing, Glen Gilmore, Director of Design, Austen He, Director of Sourcing and Steve Pinelli, Director of Engineering. The partnership will provide Leapfrog with additional resources to build infrastructure to support its tremendous growth.
CBIZ CMF Announces Rebrand to CBIZ Private Equity Advisory
January 7, 2021CBIZ CMF, the private equity consulting practice of CBIZ, Inc. and a leading national advisor to the middle market, today announces it will operate under the new brand name of CBIZ Private Equity Advisory. Having supported more than 300 private equity firms and over 1,500 portfolio companies across North America, CBIZ Private Equity Advisory offers a robust continuum of high-touch and highly specialized services for every stage of the investment lifecycle, from pre-acquisition through exit.
Portage Point Strengthens Retail & Consumer Expertise with Industry and Transformation Leader Glenn McMahon
January 7, 2021Portage Point Partners, LLC (Portage Point), a business advisory and interim management firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Glenn McMahon has joined the firm as a Managing Director. Glenn has over three decades of experience leading all aspects of the consumer lifestyle value stream.
Silicon Valley Bank's 10th Annual Healthcare Report Highlights Banner Year in Venture Fundraising, Investing and Exits
January 7, 2021Healthcare venture fundraising soared to $17 billion in 2020, a 57% increase over 2019's record, according to Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors. Investment in venture-backed companies also rose to a new high of $51 billion. SVB's 10th annual Healthcare Investments and Exits Report, released today at SVB's Innovate Next virtual summit, analyzes and predicts trends for global venture capital fundraising, investing and exits that shape the biopharma, healthtech, diagnostics/tools (dx/tools) and medical device sectors.
Gemino Healthcare Finance Provides Financing for Substance use Disorder Treatment Provider
January 7, 2021Gemino Healthcare Finance is pleased to announce it has provided a $5 million asset-based revolving line of credit to a provider of substance use disorder treatment in December 2020.
Sallyport Commercial Finance Provides $4 Million Accounts Receivable Financing Facility to Metal Components Company
January 7, 2021Sallyport Commercial Finance provided a $4mm accounts receivable financing facility to a sponsor-backed metal components company. Our client had their supply-chain deeply affected by COVID-19 and as a result, needed a financing partner to help with their working capital gap caused by delays in shipments out of India and China.
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The Secured Lender
The SFNet 76th Annual Convention Issue