- New Cape Ann YMCA to be Built with $15 Million in New Markets Tax Credits from TD Community Development Corporation
- Green Growth Brands Obtains Initial Order Under Companies' Creditors Arrangement Act
- Grant Thornton Names Bradley J. Preber as CEO
- Tradewind Finance Provides Reverse Factoring Facility to Electronics Company based in Hong Kong
- US Capital Global Advisors LLC
Cadence Bank today announced the rebrand of AloStar Capital Finance, a division of the bank that provides asset-based lending (ABL) and specialty finance solutions, to Cadence Business Finance (CBF). Along with its new name, logo and website, the rebrand introduces new leadership and a realigned business focus to better serve the growth and operational needs of performing middle-market businesses.
Norbert “Norb” Schmidt has been appointed executive vice president and director of capital finance of Cadence Business Finance.
TSL Express Trending Story
As the Secured Finance Network and its members have examined the Main Street Lending Program, there have been two aspects of the program in particular that have been identified as impacting on the utility of the program for borrowers from asset-based lenders.
Both points, along with some others, have been raised in letters from the Secured Finance Network to the Department of the Treasury and the Federal Reserve. And the Secured Finance Network has followed up with specific questions to Treasury arising from the “Main Street Lending Program Frequently Asked Questions” published on July 31, 2020 by the Federal Reserve Bank of Boston (the “FAQs”) in understanding what is permitted under the Program that could significantly impact how it may be used with an asset-based facility.
TSL Express Daily Headlines & News
In Memoriam: Stephen P. Johnson
September 15, 2020J D Factors announces, with great sadness, the loss of its President and Founder, Stephen P. Johnson, who died Thursday, September 3, 2020, after a long battle with prostate cancer. It is a true rarity to work with someone who is both simultaneously shrewd and kindhearted in his business dealings and life. Steve was unfaltering in both of these things.
SFNet Q2 2020 Asset-Based Lending Index
September 15, 2020The first laboratory-confirmed case of COVID-19 in the United States occurred on January 20, 2020, and was reported to the CDC on January 22, 2020. By April 1, 2020 the United States was averaging 27k cases per day and the rate increased to 41k cases per day by June 30, 2020, peaking at 75k cases on July 24th. From a geographic perspective, the five states with the largest number of reported cases were CA, FL, TX, GA, and NY. According to the 2019 SFNET Market Sizing and Impact Study, these same states represent 5 of the 10 largest states in terms of ABL commitments:
Ares Commercial Finance has Provided a Senior Secured Credit Facility to Support the Acquisition of Foodservice Packaging Manufacturer WinCup
September 15, 2020Ares Commercial Finance announced that it has provided a senior secured credit facility to support Atar Capital’s acquisition of WinCup. Headquartered in Georgia, WinCup employs nearly 1,000 people across eight manufacturing facilities that provide nationwide production and distribution of a comprehensive portfolio of traditional and biodegradable foodservice packaging products.
White Oak Provides $4.5 Million in Funding to Three Aerospace Firms Supporting US Defense Agencies
September 15, 2020White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance Division provided $4.5 million in factor and ABL-based credit facilities to three aerospace businesses providing specialized services to US Defense agencies. The first is a veteran owned, service-disabled startup located in Washington State that provides intelligence, surveillance and reconnaissance services (ISR) to the global unmanned aircraft system (UAS) industry. It received a $1.5 million factoring facility to fund its working capital and payroll needs in support of its Federal Government contracts.
Lonestar Resources US Inc. Announces Restructuring Support Agreement
September 15, 2020The Company is represented in this matter by Latham & Watkins LLP, Hunton Andrews Kurth LLP, Intrepid Partners LLC, Rothschild & Co US Inc. and AlixPartners, LLP.
Bryant Park Capital Secures a $25 Million Senior Debt Facility for Fast Cash Legal, LLC
September 15, 2020Bryant Park Capital ("BPC"), a leading middle-market investment bank, announced today that Fast Cash Legal, LLC ("Fast Cash" or the "Company") recently closed on a $25 million senior debt transaction with a leading institutional investor to the specialty finance space. BPC served as the exclusive financial advisor to Fast Cash in connection with this transaction.
Robert (Bob) Fisher, CLFP Joins Arboretum Commercial Finance, LLC
September 15, 2020Fisher has a 35-year background of sales, credit and management experience in the equipment financing industry. Bob has held management positions with Bank of America, Main Street Bank and most recently at Ascentium Capital. Fisher has been active in numerous professional organizations, having previously served as UAEL President and the CLFP Foundation President.
Reech Corporations Group Launches Merchant Banking and Capital Markets Division
September 15, 2020- Former Carlyle Group Senior Advisor Christopher Yoshida appointed as CEO, Merchant Banking & Capital Markets Division - New division will originate and deploy financing across investment group
Hilco Merchant Resources Appoints Charles M. Jayson as Executive Vice President – Retail Business Development
September 15, 2020Hilco Merchant Resources announced today the appointment of Charles M. Jayson (Chuck) to Executive Vice President, Retail Business Development of Hilco Merchant Resources. Mr. Jayson will focus on working with leaders in the consumer sector, developing and structuring transactions with retailers and consumer product companies to maximize return on excess assets. He also will provide advisory services spanning product development, merchandising, supply chain, global distribution, and licensing programs to Hilco Global clients.
Franklin Capital Partners with Turnaround Firm Virtas Partners to Provide a Snack Foods Company With Financing
September 15, 2020Franklin Capital has been working hard to partner with turnaround firms, banks, and other financial professionals, to help small and medium-sized businesses navigate this unfamiliar territory and become increasingly stronger. We recently successfully closed a deal for financing after partnering with a turnaround firm.
CapX Partners Hires Mike Wells as Director
September 15, 2020CapX Partners (CapX), a leading provider of middle-market equipment leasing and financing programs, has added Mike Wells as Director. His responsibilities include Midwest business development and relationship management.
Great Lakes Business Credit Names Rhett B. Rowe as CEO
September 15, 2020In a move certain to alter the asset-based lending landscape, Great Lakes Business Credit has a new CEO with expansive plans for the lender. Business finance pioneer Rhett B. Rowe, whose record as the company's senior managing director attracted investment group interest, has now assumed overall responsibilities as the CEO of the firm. Founded in 2002, Great Lakes Business Credit has a long record of providing financing to companies seeking to regain financial stability and return to conventional financing.
Gordon Brothers to Sell Silica Mining Assets in Arcadia, WI
September 15, 2020Gordon Brothers, the global advisory, restructuring and investment firm, has been engaged to sell silica mining and processing assets and plant equipment located in Arcadia, Wisconsin on behalf of Wisconsin Bank & Trust as secured lender. The sale features a 130 ton per hour wet plant, a 200 ton per hour dry plant, as well as a portfolio of over 100 units of associated support equipment, including radial stackers.
Town Sports Files for Chapter 11
September 14, 2020The parent company of New York Sports Clubs and Lucille Roberts gyms,Town Sports International Holdings, has filed for Chapter 11 protection in the wake of a cash flow shortage due to the pandemic. The gym is not closing up shop, however. It instead plans to restructure and “emerge as a thriving powerhouse in the fitness industry,” it said on its website. It will continue to operate its facilities, which are mainly located on the East Coast, as it works its way through the bankruptcy process.
H.I.G. Capital Acquires DGS S.p.A.
September 14, 2020H.I.G. Europe (“H.I.G.”), the European affiliate of H.I.G. Capital, a leading global private equity investment firm with more than €34 billion of equity capital under management, announced today the acquisition by an affiliate of a controlling stake in DGS S.p.A. (the “Company”), a leading firm in the Italian information technology industry.
MDLIVE Announces $50 Million Crossover Equity Investment from Sixth Street Growth
September 14, 2020MDLIVE Inc., one of the three largest and fastest growing telehealth companies in the U.S. offering virtual healthcare services in all 50 states, today announced the closing of a $50 million crossover equity investment from Sixth Street Growth, the growth investing arm of Sixth Street, a leading global investment firm. The $50 million funding will be used primarily for the ongoing strategic expansion of MDLIVE's comprehensive, technology-enabled, and disruptive Virtual Primary Care digital health platform.
Strategic Storage Trust IV Announces Term Loan Expansion
September 14, 2020Strategic Storage Trust IV, Inc. ("SST IV"), a public non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc., announced a $9.2 million expansion of its term loan with TCF National Bank.
Ameris Bank Expands Commercial Banking Across the Southeast
September 14, 2020Ameris Bank is deepening its commercial team with the bank's expansion into Tampa and Greenville, its new market strategies in Augusta and Charlotte and its advancement of the treasury and cash management division. The following long tenured and expert bankers have been tabbed to lead these initiatives: Brian Parks has joined the bank as regional president overseeing most of the bank's Florida markets spanning from Jacksonville to Orlando to Tampa. Previously he was with SunTrust, now Truist, for 22 years, where he served as a regional leader, banking commercial and middle market relationships across the Southeast.
SLIM Capital Completes A $2.2MM Funding for a Tire Shredding Company
September 14, 2020SLIM Capital completed a transaction totaling $2.2 million in August 2020, for a tire shredding company in the Lone Star State. These long-time tire recycling veterans have been recycling used tires from various facilities throughout TX. As part of the tire recycling process, there was in excess of 80% of the inventory that was going to waste.
Kyle C. Murphy Joins Hilco Valuation & Industrial Services as Managing Director of Business Development for the Northeast Region
September 14, 2020Hilco Global announced today the appointment of Kyle C. Murphy to Managing Director, Business Development of Hilco Valuation and Industrial Services. Mr. Murphy, who is based in Boston, will focus on private equity sponsors, lenders, advisors, consultants, and companies in the northeast region of the U.S. Mr. Murphy joins Hilco Valuation & Industrial Services most recently from J.P. Morgan, where he led business development and loan origination for their Middle Market Banking Group by calling primarily on middle-market private equity sponsors based in New England.
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