• Merchant Opportunities Fund Closes $27.5 Million BMO Credit Facility

    The Merchant Opportunities Fund, a Vancouver-based diversified credit opportunities fund focused on prudently compounding capital over the long-term, today announced that it has closed a revolving debt facility with the Bank of Montreal ("BMO"). The facility consists of a $15 million funding commitment with a two-year term along with a $12.5 million accordion.

    The Merchant Opportunities Fund invests in well-selected proprietary specialty finance portfolios, that in many cases consist of loans or advances that are originated, underwritten, and serviced by their primary originator, Merchant Growth. The BMO debt facility specifically provides funding for the Merchant Growth portfolio.

  • White Oak Delivers $10MM ABL Facility to Veteran-Owned Engineering Firm
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance arm provided a $10 million asset-based lending facility to a veteran-owned engineering firm contracting with the New York City Housing Authority. The facility was secured by the firm’s billed accounts receivable and its earned-but-unbilled accounts receivable. The funds will be used for working capital.
  • Gene Martin_Callodine_ Head Shot_150x150 Interview with Gene Martin, CEO, and Mark Forti, Managing Director, Head of Origination at Callodine Commercial Finance

    On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.

  • B. Riley Financial Hires Dan Kraft and Tim Bottrell to Launch Financial Sponsors Group
    B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a leading business advisory and financial services company, today announced the launch of B. Riley Financial Sponsors Group. The team will focus on developing and maintaining relationships with alternative capital managers, including private equity firms, family offices, sovereign wealth, credit funds and hedge funds. Dan Kraft and Tim Bottrell recently joined B. Riley to lead the group as Co-Directors of Financial Sponsors Coverage.
  • MUFG Union Bank Leads Recapitalization for Carlyle-backed Software Company NetMotion
    MUFG Union Bank today announced that its Commercial Banking group acted as lead arranger for a recapitalization for software company NetMotion, optimizing the company's debt financing. NetMotion is a portfolio company of The Carlyle Group.

    "With this transaction, we are pleased to deepen our relationship with NetMotion and help them continue their growth trajectory both in the U.S. and abroad," said Bita Ardalan, Head of Commercial Banking for Union Bank. "Our dedicated Equity Sponsor Finance and Technology teams take the time to evaluate and truly understand each client's business, enabling us to meet the needs of our most sophisticated clients who require deep industry expertise, a high level of service and solutions specifically tailored to their unique business objectives."
  • TSL1120_AndrewMcGhee150x150 Andy McGhee on White Oak and the Lender Finance Market Ahead

    Andy McGhee is vice chairman of White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, LLC, and leads the firm’s lender finance business. He has over 30 years of experience in the lending business, most recently managing a multi-billion-dollar loan portfolio as the CEO of AloStar Capital Finance. In 2011, McGhee co-founded AloStar Capital Finance by acquiring a failed bank in Birmingham, AL.

    At the time of its sale in 2017, AloStar had committed more than $3 billion to middle-market companies. McGhee has also served in various leadership roles covering asset-based lending (ABL) at SunTrust, Citicorp, Bank South and Bank of America. McGhee sits on the board of directors for Piedmont Hospital in Atlanta and is an Elder at Peachtree Presbyterian Church. He holds a B.A. in economics from the University of Georgia.

  • CIBC Innovation Banking Provides Debt Financing to Yello, Inc.

    CIBC Innovation Banking today announced it has extended a $15 million credit facility to Yello, a provider of early talent acquisition and recruiting scheduling software. The credit facility will be used to support Yello's continued growth as it further establishes itself with organizations seeking to hire the best and most diverse talent.

    Yello is a Chicago-based portfolio company of JMI Equity and First Analysis. Financing was provided by CIBC Bank USA, CIBC's US banking subsidiary.

  • TSL1120_WilliamBence_Headshot SFNet Committee Spotlight: YoPro Committee 2020

    This column highlights the hard work and dedication of SFNet committee volunteers. Here we speak with William Bence, the chair of SFNet’s Young Professionals (YoPro) Committee and principal, Wingspire Capital, who was profiled in the September 40 Under 40 theme issue of The Secured Lender magazine.

  • Restructuring Professional Gennaday Spivak Joins Clear Thinking Group

    Clear Thinking Group LLC announced today that Gennady Spivak has joined the firm as a Managing Director.  Mr. Spivak is an accomplished professional with a proven record in bankruptcy and insolvency, financial analysis, forensic accounting, fraud investigation, litigation support and wind down management.

    Prior to joining Clear Thinking Group, Mr. Spivak was a Senior Manager in the Corporate Recovery & Litigation Services practice of a major accounting firm where he specialized in the fields of bankruptcy and insolvency, creditors’ rights and litigation support.

  • TSL1120_DavidPeress_Headshot Lessons Learned In Recent Consumer and Retail Brand Workouts and Liquidations

    The rate of default and workouts for loans with IP assets as collateral has reached a crescendo. We examine the near-term implications for workouts and liquidations where IP assets are expected to provide a meaningful source of lender recovery, and the longer- term implications for commercial lending to retail and consumer brand companies.

  • PNC Announces Agreement To Buy BBVA USA Bancshares, Inc.

    The PNC Financial Services Group, Inc. (NYSE: PNC) and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE and MAD: BBVA) today announced that they have signed a definitive agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded with cash on hand in a fixed price structure.

    BBVA USA Bancshares, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. When combined with PNC's existing footprint, the company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.

  • Transparent Gerber Logo2 Gerber Finance Launches Gerber+

    Growing firm expands capabilities with a division focused on large deals

    Gerber+ provides funding for its first client, Molded Acoustical Products

    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    SPONSORED CONTENT
  • Encina Business Credit Provides $115 Million Revolving Credit Facility to Retailer

    Encina Business Credit, LLC announced today that it is the Revolving Agent on a $115 million senior secured credit facility used to support the acquisition of a mid-sized discount retailer of home décor.

    The revolving line of credit, which is collateralized by accounts receivable and inventory was used to support the purchase price and ongoing working capital needs of the borrower.

  • Peapack-Gladstone Bank Hires New Senior Managing Director, Commercial Private Banker
    Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:  PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Michael E. DiNizo, Senior Managing Director, Commercial Private Banker.  Mr. DiNizo is responsible for providing customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the metropolitan area.  Mr. DiNizo is a seasoned financial services professional with more than 27 years of experience in the industry. 
  • AndrewHollingsworth Interview with Andrew Hollingsworth of Naturally Gerber Finance and Jennifer Palmer, CEO of Gerber Finance

    Gerber Finance found the ideal candidate in Andrew Hollingsworth to develop its Natural Products Group and set up a west coast operation to serve its clients' growing portfolio. Andrew possesses a keen understanding of the mindset and needs of natural product companies, having served as CFO for Numi Organic Tea, and brings a deep background in banking, accounting, and finance. Andrew manages Gerber Finance's growing portfolio of natural products clients who value the consultative, relationship that is the hallmark of the Gerber formula. Natural Products Group clients include baby food and products, mushroom mycelium powders, protein powders, sustainable and reusable food storage bags, organic tea, and Asian bone broths and noodles.

    As the former CFO of Numi Organic Tea, Andrew was first a client of Gerber Finance, supporting the growth of the business and the brand's expansion. In his role, Andrew garnered an in-depth knowledge of supply chains, business seasonality, and cycles, supporting the need for investment in innovation and the expansion into new markets, leading strategic planning and analysis, debt financing, and investment rounds.

  • Northpoint Commercial Finance Expands Product Offering with Launch of Asset Based Lending
    Northpoint Commercial Finance (“Northpoint”), a North American diversified financial services company, has broadened its financing solutions to include asset-based lending for U.S.-based middle-market companies. Northpoint is a market leader in inventory financing to manufacturers and dealers across the United States and Canada.

    Northpoint will offer senior secured revolving credit lines and term loans ranging in size from $2 million to $20 million to borrowers across a wide range of industries. Industry veteran Robert Wagner, Northpoint General Manager and Head of Asset-Based Lending, will lead a team of seasoned ABL professionals.

     
  • Commercial Finance M&A in a Pandemic: What a Difference a Year Makes

    TSL1120_TimStute_TJHumes_150x150

    Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

  • JPMorgan Chase Leads Syndicate of Relationship Banks in $150MM Revolving Credit Facility for Novocure
    Novocure (NASDAQ: NVCR), a global oncology company working to extend survival in some of the most aggressive forms of cancer, today announced the closing of a new $150 million senior secured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of three relationship banks. Novocure may, subject to certain conditions and limitations, increase the revolving credit commitments outstanding under the revolving credit facility or incur new incremental term loans in an aggregate principal amount not to exceed an additional $100 million. 
  • Callodine Group Announces Acquisition of Gordon Brothers Finance Company, LLC

    - Led by CEO, Gene Martin, and the current investment team, Callodine Commercial Finance will be the successor firm to Gordon Brothers Finance Company, LLC

    - Investment strategy is consistent with Callodine’s focus on yield-oriented investment opportunities across the capital markets

  • Gerber Finance Launches Gerber+
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    Gerber has established this new division alongside its parent company, eCapital Corp., ("eCapital"), a leading alternative finance provider, to help companies grow and achieve their mission by accelerating their access to capital. The new division will be led by Senior Vice President Entela Semini, who will serve as Northeast director of Gerber+.

  • Merchant Opportunities Fund Closes $27.5 Million BMO Credit Facility

    The Merchant Opportunities Fund, a Vancouver-based diversified credit opportunities fund focused on prudently compounding capital over the long-term, today announced that it has closed a revolving debt facility with the Bank of Montreal ("BMO"). The facility consists of a $15 million funding commitment with a two-year term along with a $12.5 million accordion.

    The Merchant Opportunities Fund invests in well-selected proprietary specialty finance portfolios, that in many cases consist of loans or advances that are originated, underwritten, and serviced by their primary originator, Merchant Growth. The BMO debt facility specifically provides funding for the Merchant Growth portfolio.

  • White Oak Delivers $10MM ABL Facility to Veteran-Owned Engineering Firm
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance arm provided a $10 million asset-based lending facility to a veteran-owned engineering firm contracting with the New York City Housing Authority. The facility was secured by the firm’s billed accounts receivable and its earned-but-unbilled accounts receivable. The funds will be used for working capital.
  • Gene Martin_Callodine_ Head Shot_150x150 Interview with Gene Martin, CEO, and Mark Forti, Managing Director, Head of Origination at Callodine Commercial Finance

    On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.

  • B. Riley Financial Hires Dan Kraft and Tim Bottrell to Launch Financial Sponsors Group
    B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a leading business advisory and financial services company, today announced the launch of B. Riley Financial Sponsors Group. The team will focus on developing and maintaining relationships with alternative capital managers, including private equity firms, family offices, sovereign wealth, credit funds and hedge funds. Dan Kraft and Tim Bottrell recently joined B. Riley to lead the group as Co-Directors of Financial Sponsors Coverage.
  • MUFG Union Bank Leads Recapitalization for Carlyle-backed Software Company NetMotion
    MUFG Union Bank today announced that its Commercial Banking group acted as lead arranger for a recapitalization for software company NetMotion, optimizing the company's debt financing. NetMotion is a portfolio company of The Carlyle Group.

    "With this transaction, we are pleased to deepen our relationship with NetMotion and help them continue their growth trajectory both in the U.S. and abroad," said Bita Ardalan, Head of Commercial Banking for Union Bank. "Our dedicated Equity Sponsor Finance and Technology teams take the time to evaluate and truly understand each client's business, enabling us to meet the needs of our most sophisticated clients who require deep industry expertise, a high level of service and solutions specifically tailored to their unique business objectives."
  • TSL1120_AndrewMcGhee150x150 Andy McGhee on White Oak and the Lender Finance Market Ahead

    Andy McGhee is vice chairman of White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, LLC, and leads the firm’s lender finance business. He has over 30 years of experience in the lending business, most recently managing a multi-billion-dollar loan portfolio as the CEO of AloStar Capital Finance. In 2011, McGhee co-founded AloStar Capital Finance by acquiring a failed bank in Birmingham, AL.

    At the time of its sale in 2017, AloStar had committed more than $3 billion to middle-market companies. McGhee has also served in various leadership roles covering asset-based lending (ABL) at SunTrust, Citicorp, Bank South and Bank of America. McGhee sits on the board of directors for Piedmont Hospital in Atlanta and is an Elder at Peachtree Presbyterian Church. He holds a B.A. in economics from the University of Georgia.

  • CIBC Innovation Banking Provides Debt Financing to Yello, Inc.

    CIBC Innovation Banking today announced it has extended a $15 million credit facility to Yello, a provider of early talent acquisition and recruiting scheduling software. The credit facility will be used to support Yello's continued growth as it further establishes itself with organizations seeking to hire the best and most diverse talent.

    Yello is a Chicago-based portfolio company of JMI Equity and First Analysis. Financing was provided by CIBC Bank USA, CIBC's US banking subsidiary.

  • TSL1120_WilliamBence_Headshot SFNet Committee Spotlight: YoPro Committee 2020

    This column highlights the hard work and dedication of SFNet committee volunteers. Here we speak with William Bence, the chair of SFNet’s Young Professionals (YoPro) Committee and principal, Wingspire Capital, who was profiled in the September 40 Under 40 theme issue of The Secured Lender magazine.

  • Restructuring Professional Gennaday Spivak Joins Clear Thinking Group

    Clear Thinking Group LLC announced today that Gennady Spivak has joined the firm as a Managing Director.  Mr. Spivak is an accomplished professional with a proven record in bankruptcy and insolvency, financial analysis, forensic accounting, fraud investigation, litigation support and wind down management.

    Prior to joining Clear Thinking Group, Mr. Spivak was a Senior Manager in the Corporate Recovery & Litigation Services practice of a major accounting firm where he specialized in the fields of bankruptcy and insolvency, creditors’ rights and litigation support.

  • TSL1120_DavidPeress_Headshot Lessons Learned In Recent Consumer and Retail Brand Workouts and Liquidations

    The rate of default and workouts for loans with IP assets as collateral has reached a crescendo. We examine the near-term implications for workouts and liquidations where IP assets are expected to provide a meaningful source of lender recovery, and the longer- term implications for commercial lending to retail and consumer brand companies.

  • PNC Announces Agreement To Buy BBVA USA Bancshares, Inc.

    The PNC Financial Services Group, Inc. (NYSE: PNC) and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE and MAD: BBVA) today announced that they have signed a definitive agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded with cash on hand in a fixed price structure.

    BBVA USA Bancshares, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. When combined with PNC's existing footprint, the company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.

  • Transparent Gerber Logo2 Gerber Finance Launches Gerber+

    Growing firm expands capabilities with a division focused on large deals

    Gerber+ provides funding for its first client, Molded Acoustical Products

    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    SPONSORED CONTENT
  • Encina Business Credit Provides $115 Million Revolving Credit Facility to Retailer

    Encina Business Credit, LLC announced today that it is the Revolving Agent on a $115 million senior secured credit facility used to support the acquisition of a mid-sized discount retailer of home décor.

    The revolving line of credit, which is collateralized by accounts receivable and inventory was used to support the purchase price and ongoing working capital needs of the borrower.

  • Peapack-Gladstone Bank Hires New Senior Managing Director, Commercial Private Banker
    Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:  PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Michael E. DiNizo, Senior Managing Director, Commercial Private Banker.  Mr. DiNizo is responsible for providing customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the metropolitan area.  Mr. DiNizo is a seasoned financial services professional with more than 27 years of experience in the industry. 
  • AndrewHollingsworth Interview with Andrew Hollingsworth of Naturally Gerber Finance and Jennifer Palmer, CEO of Gerber Finance

    Gerber Finance found the ideal candidate in Andrew Hollingsworth to develop its Natural Products Group and set up a west coast operation to serve its clients' growing portfolio. Andrew possesses a keen understanding of the mindset and needs of natural product companies, having served as CFO for Numi Organic Tea, and brings a deep background in banking, accounting, and finance. Andrew manages Gerber Finance's growing portfolio of natural products clients who value the consultative, relationship that is the hallmark of the Gerber formula. Natural Products Group clients include baby food and products, mushroom mycelium powders, protein powders, sustainable and reusable food storage bags, organic tea, and Asian bone broths and noodles.

    As the former CFO of Numi Organic Tea, Andrew was first a client of Gerber Finance, supporting the growth of the business and the brand's expansion. In his role, Andrew garnered an in-depth knowledge of supply chains, business seasonality, and cycles, supporting the need for investment in innovation and the expansion into new markets, leading strategic planning and analysis, debt financing, and investment rounds.

  • Northpoint Commercial Finance Expands Product Offering with Launch of Asset Based Lending
    Northpoint Commercial Finance (“Northpoint”), a North American diversified financial services company, has broadened its financing solutions to include asset-based lending for U.S.-based middle-market companies. Northpoint is a market leader in inventory financing to manufacturers and dealers across the United States and Canada.

    Northpoint will offer senior secured revolving credit lines and term loans ranging in size from $2 million to $20 million to borrowers across a wide range of industries. Industry veteran Robert Wagner, Northpoint General Manager and Head of Asset-Based Lending, will lead a team of seasoned ABL professionals.

     
  • Commercial Finance M&A in a Pandemic: What a Difference a Year Makes

    TSL1120_TimStute_TJHumes_150x150

    Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

  • JPMorgan Chase Leads Syndicate of Relationship Banks in $150MM Revolving Credit Facility for Novocure
    Novocure (NASDAQ: NVCR), a global oncology company working to extend survival in some of the most aggressive forms of cancer, today announced the closing of a new $150 million senior secured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of three relationship banks. Novocure may, subject to certain conditions and limitations, increase the revolving credit commitments outstanding under the revolving credit facility or incur new incremental term loans in an aggregate principal amount not to exceed an additional $100 million. 
  • Callodine Group Announces Acquisition of Gordon Brothers Finance Company, LLC

    - Led by CEO, Gene Martin, and the current investment team, Callodine Commercial Finance will be the successor firm to Gordon Brothers Finance Company, LLC

    - Investment strategy is consistent with Callodine’s focus on yield-oriented investment opportunities across the capital markets

  • Gerber Finance Launches Gerber+
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    Gerber has established this new division alongside its parent company, eCapital Corp., ("eCapital"), a leading alternative finance provider, to help companies grow and achieve their mission by accelerating their access to capital. The new division will be led by Senior Vice President Entela Semini, who will serve as Northeast director of Gerber+.

WEB-0874_ABL-300x250 banner
 
  • Merchant Opportunities Fund Closes $27.5 Million BMO Credit Facility

    The Merchant Opportunities Fund, a Vancouver-based diversified credit opportunities fund focused on prudently compounding capital over the long-term, today announced that it has closed a revolving debt facility with the Bank of Montreal ("BMO"). The facility consists of a $15 million funding commitment with a two-year term along with a $12.5 million accordion.

    The Merchant Opportunities Fund invests in well-selected proprietary specialty finance portfolios, that in many cases consist of loans or advances that are originated, underwritten, and serviced by their primary originator, Merchant Growth. The BMO debt facility specifically provides funding for the Merchant Growth portfolio.

  • White Oak Delivers $10MM ABL Facility to Veteran-Owned Engineering Firm
    White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced its Government Contracting Finance arm provided a $10 million asset-based lending facility to a veteran-owned engineering firm contracting with the New York City Housing Authority. The facility was secured by the firm’s billed accounts receivable and its earned-but-unbilled accounts receivable. The funds will be used for working capital.
  • Gene Martin_Callodine_ Head Shot_150x150 Interview with Gene Martin, CEO, and Mark Forti, Managing Director, Head of Origination at Callodine Commercial Finance

    On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.

  • B. Riley Financial Hires Dan Kraft and Tim Bottrell to Launch Financial Sponsors Group
    B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a leading business advisory and financial services company, today announced the launch of B. Riley Financial Sponsors Group. The team will focus on developing and maintaining relationships with alternative capital managers, including private equity firms, family offices, sovereign wealth, credit funds and hedge funds. Dan Kraft and Tim Bottrell recently joined B. Riley to lead the group as Co-Directors of Financial Sponsors Coverage.
  • MUFG Union Bank Leads Recapitalization for Carlyle-backed Software Company NetMotion
    MUFG Union Bank today announced that its Commercial Banking group acted as lead arranger for a recapitalization for software company NetMotion, optimizing the company's debt financing. NetMotion is a portfolio company of The Carlyle Group.

    "With this transaction, we are pleased to deepen our relationship with NetMotion and help them continue their growth trajectory both in the U.S. and abroad," said Bita Ardalan, Head of Commercial Banking for Union Bank. "Our dedicated Equity Sponsor Finance and Technology teams take the time to evaluate and truly understand each client's business, enabling us to meet the needs of our most sophisticated clients who require deep industry expertise, a high level of service and solutions specifically tailored to their unique business objectives."
  • TSL1120_AndrewMcGhee150x150 Andy McGhee on White Oak and the Lender Finance Market Ahead

    Andy McGhee is vice chairman of White Oak Commercial Finance (White Oak), an affiliate of White Oak Global Advisors, LLC, and leads the firm’s lender finance business. He has over 30 years of experience in the lending business, most recently managing a multi-billion-dollar loan portfolio as the CEO of AloStar Capital Finance. In 2011, McGhee co-founded AloStar Capital Finance by acquiring a failed bank in Birmingham, AL.

    At the time of its sale in 2017, AloStar had committed more than $3 billion to middle-market companies. McGhee has also served in various leadership roles covering asset-based lending (ABL) at SunTrust, Citicorp, Bank South and Bank of America. McGhee sits on the board of directors for Piedmont Hospital in Atlanta and is an Elder at Peachtree Presbyterian Church. He holds a B.A. in economics from the University of Georgia.

  • CIBC Innovation Banking Provides Debt Financing to Yello, Inc.

    CIBC Innovation Banking today announced it has extended a $15 million credit facility to Yello, a provider of early talent acquisition and recruiting scheduling software. The credit facility will be used to support Yello's continued growth as it further establishes itself with organizations seeking to hire the best and most diverse talent.

    Yello is a Chicago-based portfolio company of JMI Equity and First Analysis. Financing was provided by CIBC Bank USA, CIBC's US banking subsidiary.

  • TSL1120_WilliamBence_Headshot SFNet Committee Spotlight: YoPro Committee 2020

    This column highlights the hard work and dedication of SFNet committee volunteers. Here we speak with William Bence, the chair of SFNet’s Young Professionals (YoPro) Committee and principal, Wingspire Capital, who was profiled in the September 40 Under 40 theme issue of The Secured Lender magazine.

  • Restructuring Professional Gennaday Spivak Joins Clear Thinking Group

    Clear Thinking Group LLC announced today that Gennady Spivak has joined the firm as a Managing Director.  Mr. Spivak is an accomplished professional with a proven record in bankruptcy and insolvency, financial analysis, forensic accounting, fraud investigation, litigation support and wind down management.

    Prior to joining Clear Thinking Group, Mr. Spivak was a Senior Manager in the Corporate Recovery & Litigation Services practice of a major accounting firm where he specialized in the fields of bankruptcy and insolvency, creditors’ rights and litigation support.

  • TSL1120_DavidPeress_Headshot Lessons Learned In Recent Consumer and Retail Brand Workouts and Liquidations

    The rate of default and workouts for loans with IP assets as collateral has reached a crescendo. We examine the near-term implications for workouts and liquidations where IP assets are expected to provide a meaningful source of lender recovery, and the longer- term implications for commercial lending to retail and consumer brand companies.

  • PNC Announces Agreement To Buy BBVA USA Bancshares, Inc.

    The PNC Financial Services Group, Inc. (NYSE: PNC) and the Spanish financial group, Banco Bilbao Vizcaya Argentaria, S.A. (NYSE and MAD: BBVA) today announced that they have signed a definitive agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, for a purchase price of $11.6 billion to be funded with cash on hand in a fixed price structure.

    BBVA USA Bancshares, with $104 billion in assets and headquartered in Houston, Texas, provides commercial and retail banking services through its banking subsidiary BBVA USA and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. When combined with PNC's existing footprint, the company will have a coast-to-coast franchise with a presence in 29 of the 30 largest markets in the U.S.

  • Transparent Gerber Logo2 Gerber Finance Launches Gerber+

    Growing firm expands capabilities with a division focused on large deals

    Gerber+ provides funding for its first client, Molded Acoustical Products

    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    SPONSORED CONTENT
  • Encina Business Credit Provides $115 Million Revolving Credit Facility to Retailer

    Encina Business Credit, LLC announced today that it is the Revolving Agent on a $115 million senior secured credit facility used to support the acquisition of a mid-sized discount retailer of home décor.

    The revolving line of credit, which is collateralized by accounts receivable and inventory was used to support the purchase price and ongoing working capital needs of the borrower.

  • Peapack-Gladstone Bank Hires New Senior Managing Director, Commercial Private Banker
    Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market:  PGC) and Peapack-Gladstone Bank are proud to announce the appointment of Michael E. DiNizo, Senior Managing Director, Commercial Private Banker.  Mr. DiNizo is responsible for providing customized solutions through personal client service in the Bank’s Commercial and Industrial (C&I) business while servicing commercial businesses in the metropolitan area.  Mr. DiNizo is a seasoned financial services professional with more than 27 years of experience in the industry. 
  • AndrewHollingsworth Interview with Andrew Hollingsworth of Naturally Gerber Finance and Jennifer Palmer, CEO of Gerber Finance

    Gerber Finance found the ideal candidate in Andrew Hollingsworth to develop its Natural Products Group and set up a west coast operation to serve its clients' growing portfolio. Andrew possesses a keen understanding of the mindset and needs of natural product companies, having served as CFO for Numi Organic Tea, and brings a deep background in banking, accounting, and finance. Andrew manages Gerber Finance's growing portfolio of natural products clients who value the consultative, relationship that is the hallmark of the Gerber formula. Natural Products Group clients include baby food and products, mushroom mycelium powders, protein powders, sustainable and reusable food storage bags, organic tea, and Asian bone broths and noodles.

    As the former CFO of Numi Organic Tea, Andrew was first a client of Gerber Finance, supporting the growth of the business and the brand's expansion. In his role, Andrew garnered an in-depth knowledge of supply chains, business seasonality, and cycles, supporting the need for investment in innovation and the expansion into new markets, leading strategic planning and analysis, debt financing, and investment rounds.

  • Northpoint Commercial Finance Expands Product Offering with Launch of Asset Based Lending
    Northpoint Commercial Finance (“Northpoint”), a North American diversified financial services company, has broadened its financing solutions to include asset-based lending for U.S.-based middle-market companies. Northpoint is a market leader in inventory financing to manufacturers and dealers across the United States and Canada.

    Northpoint will offer senior secured revolving credit lines and term loans ranging in size from $2 million to $20 million to borrowers across a wide range of industries. Industry veteran Robert Wagner, Northpoint General Manager and Head of Asset-Based Lending, will lead a team of seasoned ABL professionals.

     
  • Commercial Finance M&A in a Pandemic: What a Difference a Year Makes

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    Hovde Group executives, Tim Stute and T.J. Humes, pictured above, provide an overview of the effects of the pandemic on M&A market conditions.

  • JPMorgan Chase Leads Syndicate of Relationship Banks in $150MM Revolving Credit Facility for Novocure
    Novocure (NASDAQ: NVCR), a global oncology company working to extend survival in some of the most aggressive forms of cancer, today announced the closing of a new $150 million senior secured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of three relationship banks. Novocure may, subject to certain conditions and limitations, increase the revolving credit commitments outstanding under the revolving credit facility or incur new incremental term loans in an aggregate principal amount not to exceed an additional $100 million. 
  • Callodine Group Announces Acquisition of Gordon Brothers Finance Company, LLC

    - Led by CEO, Gene Martin, and the current investment team, Callodine Commercial Finance will be the successor firm to Gordon Brothers Finance Company, LLC

    - Investment strategy is consistent with Callodine’s focus on yield-oriented investment opportunities across the capital markets

  • Gerber Finance Launches Gerber+
    Gerber Finance, a leading finance partner for companies experiencing accelerated growth, is expanding its portfolio and client offerings with the launch of Gerber+. This new division will service businesses seeking a higher level of funding ranging from $10 to $25 million. Gerber Finance currently focuses on facilities up to $10 million. Gerber is also announcing its first Gerber+ client, Molded Acoustical Products (MAP) of Easton, a full-service insulation manufacturing solutions company.

    Gerber has established this new division alongside its parent company, eCapital Corp., ("eCapital"), a leading alternative finance provider, to help companies grow and achieve their mission by accelerating their access to capital. The new division will be led by Senior Vice President Entela Semini, who will serve as Northeast director of Gerber+.