TSL Express Daily Articles & News

L Catterton, the largest global consumer-focused private equity firm, today announced that it has entered into a definitive agreement under which L Catterton will acquire a controlling interest in West Marine (the "Company"), the nation's leading omni-channel platform in the marine aftermarket, from Monomoy Capital Partners. Terms of the transaction were not disclosed.

Cross River, a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider, today announced that it is powering SeedFi’s new Credit Builder and Borrow & Grow Plans through its banking and technology platform, as well as providing debt financing through its Strategic Direct Lending Group.

According to the survey, which was conducted from February 22 to March 12, less than a majority (41%) of respondents expect strong economic growth (real GDP > 4%) this year, yet 70% said that the effects of Federal Reserve policy actions and benign credit market conditions will dampen default and restructuring activity for up to one year. Despite this, only 25% of respondents expect loan default and workout activity will be sharply lower this year, with most expecting such activity to be robust or above average in 2021.

Navios Maritime Acquisition Corporation (“Navios Acquisition” or the “Borrower”) (NYSE: NNA), an owner and operator of tanker vessels, announced that Navios Acquisition entered into a secured loan agreement with a subsidiary of N Shipmanagement Acquisition Corp. (“Lender”), an entity affiliated with Navios Acquisition’s Chairman and Chief Executive Officer, for a loan of up to $100.0 million to be used for general corporate purposes (the “Loan”).

Car Capital, an automotive FinTech company, has closed a $20 million credit line with Medalist Partners. This transaction gives Car Capital access to capital to expand their business, fund deals, and ultimately get consumers into cars. Car Capital's proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALSSM) allows franchise and independent dealers to make 24/7 immediate auto loan decisions for 100% of their customers.

NXT Capital announced today that it provided a senior credit facility in support of Wind Point Partners’ acquisition of Zone Mechanical. NXT Capital acted as the sole lead arranger and bookrunner on this transaction. Zone Mechanical is one of the largest providers of commercial and industrial refrigeration installation and maintenance services to customers in Illinois, Wisconsin, Michigan and Indiana.

Hitachi Business Finance has announced that Heather Rachel has joined their business development team, where she will focus her efforts on supporting business owners and trusted advisors across the United States. Based in the greater Minneapolis area, Rachel will assist growing businesses with efficient access to working capital.

SG Credit Partners announced it provided $1 million for a privately-held family investment vehicle. SG was able to underwrite this transaction by taking a holistic approach toward the Guarantors’ personal financial profile, and not restricting leverage solely to the subject property.

Gateway Trade Funding provided Maéstro Watch Co., a Canadian-based watch company, with a $500,000 purchase order facility that allowed them to take on the new client faster than most other financing sources would have. Gateway understood and identified their current and future needs, assuring that Maéstro will have financing available if needed moving forward, which exceeded their goals. Knowing this makes new business acquisition easier for Maéstro.

Rosenthal & Rosenthal, Inc., a leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of five transactions last month that will help address working capital needs, mitigate risk and support growth opportunities for several of the firm’s clients across the Southeast. The transactions – three factoring deals, one asset-based lending deal and one purchase order financing transaction – demonstrate Rosenthal’s solution-based approach and breadth of funding options.

J D Factors announced it provided: $50,000 to a transportation company in Texas; $200,000 to a transportation company in Rhode Island; $100,000 to a transportation company in Manitoba; $100,000 to a transportation company in Quebec...

Commercial and specialty finance veterans Mark Seigel, Evan Nadler and Tony Liobis announce the launch of Crown Partners, an independent advisory firm specializing in $5 -$75 million senior credit facilities and loan products for US companies that are in need of incremental working capital, executing an acquisition, or undergoing a turnaround.

North Mill Equipment Finance LLC (“North Mill”), a leading independent commercial equipment lessor providing small-ticket financing through its network of referral agents, announced today that it has restructured its working capital solution to make it more competitive with other, less cost-effective options on the market.

Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced it has entered into a Banking as a Service agreement with BrightFi, a provider of cloud-based digital banking platform technology and services to regional and community banks and non-bank entities.

U.S. Bank today announced that John C. Stern has been named president of its Global Corporate Trust and Custody business within U.S. Bank Wealth Management and Investment Services. Stern, who currently serves as U.S. Bancorp Corporate Treasurer, will assume his role effective May 17, 2021. Stern is a 20-year veteran of U.S. Bank, and has steadily risen through the ranks in Corporate Treasury while building a record of leadership and success.

PNC Bank, N.A. today announced the appointment of Chris Hermann as the regional president and head of Corporate Banking for Wisconsin, effective April 12. In this role, he will lead the effort to provide customers and clients in the market with access to a full range of products and capabilities through PNC’s Main Street Bank model, in addition to delivering on the bank’s commitment to supporting local communities in Wisconsin.

Superior is also pleased to announce that its wholly-owned subsidiaries, Superior Plus LP, Superior General Partner Inc. and Superior Plus US Financing Inc., have completed an extension of their $750 million senior secured revolving credit facility (the “Credit Facility”) with The Bank of Nova Scotia and TD Securities as Co-Lead Arrangers, and a syndicate of ten lenders. The Credit Facility will now mature on May 8, 2026 and has been amended to reflect the release of certain obligors from its terms as a result of the Transaction.

Houston-based Cadence Bancorporation, parent company of Cadence Bank, announced Monday it would merge with BancorpSouth Bank in an all-stock transaction with a market value of more than $6 billion. According to a filing with the Securities and Exchange Commission, the combined entity would be the fifth-largest institution in Texas and the Southeast, with assets of around $44 billion.

Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announced it provided Worcester Envelope Company with an expanded credit facility, based upon the growth expected as Worcester becomes part of the performance driven marketing company Moore.

Pete Lowney, President – Asset-Based Lending at First Business Specialty Finance, LLC, a subsidiary of First Business Bank, announces a recently closed and funded $16 million revolving line of credit facility for a musical instrument retailer in Minnesota.