TSL Express Daily Articles & News

In its last online auction of the year, Tiger Group is selling digital cameras, lenses and accessories surplus to the continuing operations of Keslow Camera, a leading motion picture film and digital cinema camera rental company

Westlake Securities, a leading middle market investment bank, announced that it secured the previously announced $160 million in committed capital for Wake Forest, N.C.-based portable storage and moving company, Zippy Shell. Recently ranked again in the Inc. 5000 list of the nation's fastest-growing private companies, Zippy Shell is on the move itself—moving up and growing quickly as the industry's second largest company of its kind.

PaperTech, a leading manufacturer of paperboard packaging products to the frozen food industry and foodservice markets, today announced it has been acquired by May River Capital, a Midwest-based private equity firm focused on helping high-caliber industrial businesses grow and prosper. Paul Hastings LLP served as legal counsel to May River Capital, while Seyburn Kahn, P.C. served as legal counsel to PaperTech and its shareholders. Twin Brook Capital Partners provided the debt financing in support of the acquisition. Amherst Partners acted as the exclusive financial advisor to the company and its shareholders.

CIT Group Inc. (NYSE: CIT) today announced that its Power and Energy business served as coordinating lead arranger on a $256 million financing for the 250-megawatt (MW) Taygete I Energy Project owned by 7X Energy, Inc (7X) and located in Pecos County, Texas. 7X Energy is a leading utility-scale solar developer, owner, and asset manager that has originated 1,350 (MWac) of solar projects that are operational or under construction in Texas alone and has a pipeline of over 4,000 MW across the United States.

Gerber Finance, a leading finance partner for companies experiencing accelerated growth, today announced funding of abc carpet & home, a mission-driven home and lifestyle brand that is a favorite with designers, decorators and consumers. The home goods market and retailers have been experiencing record growth in 2020, as people spend more time at home.

Regions Financial Corp. on Tuesday announced Chief Operating Officer John Owen will retire effective March 15, 2021, following a nearly 38-year career in business and banking, the last 13 of which have been at Regions. Owen’s experience and insights have benefited several of Regions’ business groups and, in turn, the people and businesses who turn to Regions for comprehensive and innovative financial services. Owen joined the company in 2007 as head of Operations and Technology. In 2009, he was named head of Regions’ Consumer Services group. He later served two years as head of Business Lines, which included the Business Services, Consumer Services, Consumer Lending and Wealth Management groups.

With COVID-19 cases surging and a new wave of restrictions looming, challenges persist for small business owners as they continue to weather the pandemic according to data from the Q4 Wells Fargo/Gallup Small Business Index. While the index score rose 12 points for the second straight quarter, overall optimism levels remain just over half of what they were in late 2019.

The Company’s asset purchase agreement (“APA”) with Simon, Brookfield and the Company’s DIP and First Lien Lenders (“First Lien Lenders”), supported by the Unsecured Creditors Committee, had previously been approved by the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) on November 9, 2020. Kirkland & Ellis LLP is serving as legal adviser, Lazard is serving as financial adviser, and AlixPartners LLP is serving as restructuring adviser to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and BRG Capital Advisors, LLC is serving as financial adviser to Simon and Brookfield.

Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced the close of a $20 million senior secured term loan for an industry-leading full-service equipment rental supplier. The new capital will provide the company with additional liquidity to execute on growth endeavors as it continues to expand into new markets.

O’Keefe is pleased to announce that Marco Eadie has joined the firm as Managing Director to lead the new Corporate Finance practice. Eadie focuses on transaction advisory services including mergers, acquisitions, buy and sell side advisory, debt recapitalizations, corporate development, restructurings, divestitures, and event-driven financing for both private and publicly held companies.

Moody's credit analysts have published the attached outlook for the residential mortgage-backed securities market for 2021. This outlook covers all sub-sectors of RMBS rated by Moody's including prime jumbo, non-prime, GSE credit risk transfer and single-family rental transactions.

Marino joined NMC in 2015 and has been serving as both an account executive and underwriter. Karen is committed not only to NMC but is very active outside of work. She is on the board of the Secured Finance Network (SFNet) New Jersey Chapter, is currently Vice Chair of the National SFNet Yo Pro Committee, and serves on SFNet’s Education Committee. She is also a past recipient of the SFNet 40 Under 40 Award.

Saothair Capital Partners, LLC ("Saothair"), a private equity firm focused exclusively on investing in lower-middle market manufacturing and industrial companies facing unique operational and financial challenges, announced it has acquired the business and assets of Arandell Corporation ("Arandell") through a newly-formed affiliate. Saothair completed the transaction after partnering with existing lender Farragut Capital Partners to be named stalking-horse bidder pursuant to a 363 sale of assets under Chapter 11 of the U.S. Bankruptcy Code.

Portage Point Partners, LLC (Portage Point), a business advisory and interim management firm that partners with stakeholders during periods of transition, underperformance and distress, announced today that Jim Franks has joined the firm as a Managing Director in Dallas.

Clearbanc, the world's largest e-commerce investor and funding platform, and Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, today announced a new partnership to accelerate the growth of US-based early-stage technology companies. Clearbanc expects to deploy more than $50 Million in non-dilutive capital to SVB's US-based Startup Banking software and e-commerce clients to help advance their businesses.

Monroe Capital LLC (“Monroe”) today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the growth of 3Cloud, LLC (“3Cloud”), a portfolio company of Gryphon Investors. Founded in 2016 and headquartered in Downers Grove, Illinois, 3Cloud is a leading provider of strategic advisory and technical services for the Microsoft Azure cloud platform. The company provides "the ultimate Azure experience" by guiding clients in their journey to adoption and modernization within the Microsoft Azure platform.

Lannett Company, Inc. (NYSE: LCI) today announced the closing of a $30 million asset-backed revolving credit facility with Wells Fargo Bank, National Association.

Bird Construction Inc. ("Bird") today announced that it has entered into a three-year, $200 million committed, Syndicated Credit Facility (the "Credit Facility") with Bank of Montreal ("BMO") as the lead arranger, bookrunner and administrative agent, and includes The Toronto-Dominion Bank, ATB Financial and Canadian Imperial Bank of Commerce as syndicate lenders (the "Lenders").

Nesco Holdings, Inc. (NYSE: NSCO, "Nesco" or the "Company") today announced it has entered into a definitive agreement to acquire Custom Truck One Source ("CTOS") for a purchase price of $1.475 billion. Nesco and CTOS are leading providers of specialized truck and heavy equipment solutions including rental, sales and aftermarket parts and service. J.P. Morgan Securities LLC is serving as financial advisor to Nesco and Latham & Watkins LLP is serving as legal counsel. Citi is serving as financial advisor to CTOS and Kirkland & Ellis LLP is serving as legal counsel. Debt financing commitments have been obtained by Bank of America, who will be leading the financing. Hughes Hubbard & Reed LLP is serving as legal counsel to Platinum.

Led by Arrowroot Capital and Runway Growth Capital, the funding will fuel continued international growth, future acquisitions and expansion of core products and services