TSL Express Daily Articles & News

US-based buffet restaurant chain Cici’s Pizza has reportedly filed for bankruptcy after its finances were hit by the Covid-19 pandemic. The growing shift towards takeout and delivery in the restaurant segment affected the sales of the Texas-based company, which operates 318 units across 26 US states, together with its franchisees. Cici’s has agreed to sell itself to its primary lender D&G Investors, following its pre-packaged Chapter 11 declaration.

AlixPartners, announced that Adam Fless has rejoined as a Managing Director in the firm’s New York office. Adam brings over 20 years of performance improvement experience from both the impact-focused consulting and private equity worlds. He will focus on supporting the firm’s private equity clients on executing diligence, margin, and growth transformation programs across industry verticals.

An improved public health environment and the possibility of higher capital gains taxes will likely drive increased merger and acquisition activity in 2021, according to a Citizens survey of 700 leaders at U.S. middle market companies and private equity firms. Companies will rely on M&A for growth in 2021 and more sellers will be open to making deals, particularly in the second half, survey respondents said.

Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised R.M. Parks, Inc. (“R.M. Parks” or the “Company”) on the sale of its U.S. wholesale petroleum distribution assets to PacWest Energy, LLC, a joint venture between Jackson Energy and Shell Oil Products US. Tammera Diehm, Noreen Sedgeman, and Kristy Lieblein of Winthrop & Weinstine, P.A. served as legal counsel for R.M. Parks.

B. Riley Advisory Services, a leading provider of specialty financial consulting services and solutions, and subsidiary of B. Riley Financial (NASDAQ: RILY) (“B. Riley”), is pleased to announce it was named Middle Market Turnaround Consulting Firm of the Year for its outstanding leadership in restructuring. The firm was also awarded in several individual deal categories at the 12th Annual Turnaround Atlas Awards hosted by Global M&A Network.

Carl Marks Advisors, a leading investment bank providing financial and operational advisory services to middle market companies, today announced that Peter Keogh has joined the firm as a Managing Director, and promoted four current employees. Carl Marks Advisors is continuing to build upon the momentum it saw in 2020, a year in which it added 9 professionals to its team.

The transaction closed with debt financing provided by CrossFirst Bank. Legal counsel was provided by a Spencer Fane LLP team led by Brian Memory and Aaron Pawlitz in coordination with the firm’s corporate group in Plano, Texas.

Digital banking leader Oxygen today announced that it has partnered with Fundera, the go-to financial marketplace for small and medium-sized businesses (SMBs) to compare multiple loans instantly, to streamline the application and distribution process for the latest round of Paycheck Protection Program (PPP) loans. The Oxygen-Fundera partnership will bring much-needed assistance to the most at risk of America’s small businesses that have been financially impacted during the current global coronavirus pandemic.

Business Capital (BizCap®) announced that it will be assisting borrowers through the second round of the SBA’s Paycheck Protection Program by facilitating and streamlining the loan application and forgiveness process. BizCap will offer helpful information and expedited servicing via their online portal.

Crestmark secured a total of $26,375,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $6,596,344 in three new lease transactions; Crestmark Vendor Finance provided $4,833,777 in 41 new lease transactions; the Joint Ventures Division provided $7,133,080 in two new transactions; and the Government Guaranteed Lending group provided $9,855,500 in financing for three new clients in the first half of January.

Briar Capital Real Estate Fund LLC, a nationwide commercial real estate lender focused on the asset-based lending space, is pleased to announce the promotion of Leah Goldberg to Chief Financial Officer. In addition to this expanded role, Goldberg will continue to share in Briar’s underwriting responsibilities as she has for close to two years.

Hilco Global, the world's premier authority on asset valuation, monetization, and advisory solutions, announced today that it has facilitated the sale of substantially all of the assets for Shop-Vac to GreatStar in a multi-million dollar transaction that closed on December 24, 2020. The assets acquired in the transaction include Shop-Vac’s intellectual property, real estate, machinery & equipment, inventory, and accounts receivable holdings.

CNH Finance is pleased to announce we have funded over $100,000,000 in new commitments, including revolving line of credit facilities secured by AR and Bridge to HUD term debt loans throughout 2020. A total of over 30 transactions supporting healthcare providers and commercial and industrial companies.

SG was able to work quickly and creatively to provide a $3.35MM loan structured primarily around the founder’s personal assets (real estate and marketable securities). SG’s speed to close allowed the Company to close the asset purchase and begin rebuilding the revenue base back to historical levels. SG’s facility is viewed by the Company as bridge financing until a broader capital facility can be raised.

Dwight Funding is pleased to announce that Jessica Bates has been named Managing Director and Head of Business Development. In this position, Jessica is responsible for driving product growth, market expansion and for leading the sales team across products and industries.

Having completed over $6 billion in private equity and private credit investments, Chris Goodwin, former Managing Director & Co-Head of BNP Paribas Merchant Banking Group and current Operating Partner at Star Mountain Capital, has expanded his role to full-time Managing Director and has established Star Mountain’s Dallas office, expanding coverage of Texas and the Southwest.

Monroe Capital Corporation (the “Company”) (NASDAQ: MRCC) announced today that it has closed a public offering of $130 million aggregate principal amount of 4.75% notes due 2026 (the “Notes”). The Company intends to use the net proceeds from this offering to redeem all of its outstanding 5.75% notes due 2023 and to repay a portion of the amount outstanding under its credit facility. However, the Company may re-borrow under its credit facility and use such borrowings to invest in lower middle-market companies in accordance with its investment objective and strategies and for working capital and general corporate purposes. As of January 12, 2021, the Company had $114.9 million in outstanding indebtedness under its credit facility.

Crestmark is pleased to announce the appointment of Charles D. Starck as vice president, business development officer for the Commercial Business Credit Group. Based in Milwaukee Wisconsin, he will target businesses in Wisconsin, Minnesota, Iowa, and the Chicagoland area; he will report to Senior Vice President, Commercial Business Credit Sales Manager James (Jim) Farrell.

SG Credit Partners today announced that it has started a collateral-based lending division and hired Nathalie Butler to be Managing Director, Underwriting to lead this group. Nathalie has over 20 years of experience including asset valuation, disposition and most recently lending. Previously she was part of the senior team that built a leading specialty finance company. This new group was formed to fill the void left by the lending community unable to finance illiquid and esoteric assets or other situational bridge needs up to $10 million in loan size.

AMC has additional commitment letters for $411 million of incremental debt capital in place through mid-2023, unless repaid before then, through the upsizing and refinancing of a European revolving credit facility, the company said. AMC may pay non-cash PIK (payment-in-kind) interest through the duration of the European debt.