TSL Express Daily Articles & News

Wells Fargo (WFC.N) said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses. Lenders have been looking to improve efficiency and scale back less important bets, to better navigate the uncertainty as the Federal Reserve tries to engineer a soft landing for the U.S. economy.

MidFirst Business Credit (MFBC) announced it has recently provided a working capital facility to Control Solutions LLC (Control). Headquartered in Aurora, Illinois, Control manufactures a complete line of electronic commercial drive controllers and battery charging systems.

After much thought and consideration, Isaac Ellsworth has decided to explore opportunities in sectors other than finance. “Over the last two years, we have thoroughly enjoyed Isaac’s enthusiasm and upbeat personality,” said Republic SVP Matt Stavish. “While we will miss him, we certainly understand, and are supportive of, his decision. We wish him the best as he transitions to the next chapter of his professional life.”

Today, Bank of America is announcing that Tyrone Noel has been named president of Bank of America Hampton Roads. As president, Noel will be head of the market and responsible for connecting clients, teammates and communities to the full power of the franchise, driving integration across the bank’s eight lines of business. He will oversee the bank’s efforts to grow market share by fostering local connections and identifying opportunities to grow and deepen client relationships.

Morrison Forester is pleased to announce that it has successfully guided CalPlant to emergence from its chapter 11 bankruptcy proceedings. Prior to its bankruptcy case, CalPlant constructed the world’s first plant intended to convert rice straw (a waste product of rice production) into high-quality, environmentally friendly, and competitively priced medium-density fiberboard (MDF).

Byline Sponsor Finance (“BSF”), a division of Byline Bank, announced that it has provided financing to support The Brydon Group’s investment in Peak Performance. BSF was represented by Duane Morris, LLP.

Star Mountain Capital, a rapidly growing employee-owned specialized investment firm with approximately $3.5 billion AUM, focused on delivering systematic alpha and low market correlated returns from the lower middle-market, announced that Chris Calabrese, co-founding partner of $3+ billion AUM private credit manager LBC Credit Partners, has transitioned from a Star Mountain Operating Partner to a full-time role of Strategic Portfolio Partner.

CIBC Innovation Banking announced today that it has provided financing support for Clearhaven Partners’ investment in Korbyt, an industry-leading workplace experience platform.

Alterna Equity Partners (“AEP”), a South Florida-based lower middle market private equity firm, today announced the 100% sale of one of its portfolio companies, Alterna Capital Solutions, LLC (“ACS”) to Paychex, Inc. (“Paychex”). The sale of ACS represents a successful exit for AEP.

Manufacturers Bank, a subsidiary of SMBC Americas Holdings, Inc., a member of SMBC Group, announced that it will be changing its name to SMBC MANUBANK as it expands into new markets and industries, and highlighting its decades-long affiliation with Sumitomo Mitsui Banking Corporation, a global leader in finance and innovation.

Celtic Capital Corporation today announced its most recent new client relationship – a New York-based company providing printing services to the newspaper advertising industry. This Company, founded in 1980, had been harmed by the pandemic and was out of covenant with its bank.

Alternative investment firm Varde Partners has raised nearly $1.5 billion from institutional investors for asset-based lending through its Varde Asset Lending Fund II and related accounts and co-investments, it said on Thursday.

First Business Bank announces its Accounts Receivable Financing team recently funded a $2.5 million factoring facility to a client operating as a smart bus platform.

Based in Boston, Menard is an integral part of the firm’s leadership and is responsible for the overall management of global financial reporting, planning and analysis, treasury, and tax strategy and compliance.

CohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, is proud to announce it has been named one of Newsweek’s 100 Most Loved Workplaces in America® for the third year in a row and has also been certified by Great Place to Work® for the second consecutive year.

Maritime Partners, LLC ("Maritime Partners") has announced the successful closing of a $600-million warehouse facility between several special-purpose, wholly-owned subsidiaries of one of its managed funds and a syndicate of lenders led by ATLAS Securitized Products Holdings, L.P. ("ATLAS SP").

Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jason Moss has joined the firm as Managing Director, Head of Western U.S. Region in the Investor Solutions Group.

Natixis Corporate & Investment Banking (Natixis CIB) today announced the hiring of Asif Khan as Managing Director, Head of Structured Credit Capital Markets within the Global Markets Americas team. He will report to Emmanuel Issanchou, Head of Global Markets Americas and Global Head of Credit Markets, Natixis CIB.

Schulte Roth & Zabel is pleased to announce the formation of the firm’s dedicated Special Situations group. Co-chaired by partners Adam Harris and Doug Mintz, the Special Situations group is a multidisciplinary team focused on helping clients achieve their legal and financial objectives across the spectrum of stressed and distressed transactions.

Valeo Pharma CEO Steve Saviuk joined Steve Darling from Proactive to share details the company has entered into a credit facility agreement with Accord Financial for a total of $5 million.