TSL Express Daily Articles & News

The financing provided much-needed cash-flow to the following rapidly growing small businesses: $75,000 A/R factoring line to an HVAC contractor in Arkansas; $100,000 A/R factoring line to a telecommunications contractor in Minnesota; $200,000 A/R factoring line to a manufacturer in Illinois and a $1,500,000 A/R factoring line to a health care staffing company in Pennsylvania.

IDS, a leader in enterprise mission-critical solutions for secured finance, has agreed to acquire White Clarke Group, a leading provider of retail, fleet, wholesale and asset finance solutions for the automotive and equipment finance markets. The two companies combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialty finance firms globally. Five Arrows was advised by Robert W. Baird & Co. and Shoosmiths LLP. IDS and Thoma Bravo were advised by Kirkland & Ellis LLP.

Flatbay Capital LLC (“Flatbay”) (www.flatbaycapital.com) announces the closing of a $5,600,000 loan for a logging company with multiple locations in Arizona, secured by an owner occupied commercial/industrial property with direct highway and rail access. The loan proceeds provided the necessary liquidity to pay off the incumbent lender, cash out for working capital, as well as funds to allocate towards expansion plans at the subject property.

Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a US$10,000,000 senior secured credit facility to Northern Reflections Limited, one of Canada’s largest privately-held apparel retailers of women’s apparel. The credit facility will be used to refinance existing debt and provide the Company with enhanced flexibility to explore future growth opportunities.

CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on an $18.5 million loan to finance the acquisition of the Singing River Cancer Center in Florence, Alabama. The borrower, Cypress West Partners is an experienced and successful owner and manager of healthcare properties that has a long history of acquisition financing with CIT.

David Edelberg, a bankruptcy law attorney with decades of experience handling various bankruptcy matters has joined Scarinci Hollenbeck's Lyndhurst, NJ office as Partner, according to the firm's Managing Partner Donald Scarinci. Mr. Edelberg brings with him years of experience handling matters relating to loan structuring & workouts, bankruptcy litigation, secured creditors, lenders & landlord representation, as well as debtor representation.

Gordon Brothers, the global advisory, restructuring and investment firm, has published two articles about the digital transformation and shifting consumer behavior within the retail industry. As a result of the ongoing pandemic, customer journeys are now more digitally focused, and more shoppers are looking for easy online or mobile purchasing.

Gordon Brothers, the global advisory, restructuring and investment firm, has named Joe Massaroni as Director, Business Development as Conrad Lauten retires. Based in Atlanta, Massaroni will lead efforts to develop and maintain strong client relationships across the Southeast. Massaroni joins Gordon Brothers with decades of experience in secured finance. He’s worked at several lending institutions throughout his career and previously served as director and team leader responsible for managing key relationships and more than $4 billion of account commitments.

TAB Bank is pleased to announce the addition of Dustin Jacobson (303-319-5434, dustin.jacobson@tabbank.com) to their business development team as Vice President and Business Development Officer. Dustin is based in Denver and is responsible for sourcing new business opportunities by providing asset-based and factoring working capital facilities to commercial entities in the Rocky Mountain region of the United States with annual revenues of $2 million to $150 million.

Palladium Equity Partners, LLC, a middle market private equity firm with nearly $3 billion in assets under management, today announced that Nancy A. Mitchell has been named Chief Administrative Officer, a newly-created position. Ms. Mitchell joins Palladium from O'Melveny & Myers LLP, where she was a Partner.

Journey Medical Corporation (“Journey Medical”), a partner company of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced that it has entered into an agreement with East West Bank (“EWB”) in which EWB will provide a $7.5 million working capital line of credit. The line of credit is secured by Journey Medical’s receivables and cash.

Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced a Banking as a Service (BaaS) agreement with Rho Technologies, the fintech company behind Rho Business Banking. Rho Technologies is a digital platform that provides companies with a suite of commercial banking and financial software solutions.

Ideal Steel needed a financing partner that could provide a flexible structure and improved liquidity as the business looked to transform into a more streamlined operation and position itself for future growth opportunities. GBC was able to support this goal by providing a $5MM ABL without restrictive covenants that also provided flexibility to the company shareholders.

Encina Business Credit, LLC (EBC) announced today that it has promoted Tron Allen to chief commercial officer. Allen most recently served as EBC’s executive managing director and Central Region Leader. He joined the company in connection with its March 2016 launch as a senior managing director focused on business development efforts in the Southwest Region.

TradeCap Partners recently closed a $2.5MM purchase order finance facility for a West coast-based consumer packaged goods company. The venture capital backed company partnered with a major wholesaler to contribute to Feeding America.

Jaguar Freight, a leading global freight forwarder and U.S-based NVOCC., together with King Trade Capital, the largest purchase order finance company in the U.S., have announced the addition of a new trade and purchase order finance solution to Jaguar’s portfolio of services.

FSW Funding, a Phoenix-based company that specializes in financing solutions for small and mid-size businesses, recently promoted Ashton Bennett to the position of Director of Operations. Bennett will oversee the management of the factoring and asset-based lending portfolio.

Bank of America today announced that it has acquired Axia Technologies, Inc. (“AxiaMed”), an industry-leading health care payment and technology company focused on facilitating secure patient payments. The acquisition will deepen and expand Bank of America’s payment offerings for healthcare clients and will further accelerate the bank’s ability to serve this key vertical. It is part of a broader initiative to integrate merchant services onto its proprietary platform following the dissolution of its merchant services joint venture last year. Terms of the acquisition were not disclosed.

Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, is pleased to announce the appointment of Dina DiLorenzo and David Rone, as Co-Presidents of Guggenheim Investments. Investment decisions will continue to be supervised and executed by investment personnel, as has been the case since our founding. Those activities are led by Scott Minerd, Guggenheim Partners Global Chief Investment Officer and Chairman of Guggenheim Investments, and by CIO of Fixed Income Anne Walsh.

Sidley Austin LLP is pleased to announce that Anthony Norris and Christopher Rile are joining the firm in New York as partners in its global M&A and Private Equity practice. They join from Ropes & Gray LLP, where they have been longtime partners in the firm’s private equity transaction group.