Articles

Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

The financing was arranged on behalf of project sponsor Idemitsu Renewables (formerly Solar Frontier Americas), a leading solar project developer that has successfully built and sold hundreds of megawatts of utility-scale solar power since 2015. The project will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado.

Wells Fargo Strategic Capital, a division of Wells Fargo & Company (NYSE: WFC), announced Dr. Rodney Altman as the newest managing director in its Healthcare Group, effective immediately. Altman, also a part-time physician at Stanford University Medical Center, is based in San Francisco and will work alongside the other members of the Healthcare Group, including John Ryan, Christine Guo, and Robert Rein.

Piper Sandler & Co. acted as financial advisor to Banc of California in the transaction and delivered a fairness opinion to the Board of Directors of Banc of California. Sullivan & Cromwell LLP served as legal counsel to Banc of California. Keefe, Bruyette & Woods, Inc., a Stifel Company, acted as financial advisor to Pacific Mercantile and delivered a fairness opinion to the Board of Directors of Pacific Mercantile. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Pacific Mercantile.

Capital One has entered into an agreement to acquire KippsDeSanto & Co. a leading investment banking firm focused on serving growth-oriented aerospace/defense, government services and technology companies. Based in Tysons Corner, Va. in the Washington, DC region, KippsDeSanto has a national practice specializing in merger and acquisition advisory services.

Axiom Bank, N.A., a Maitland-based, leading community bank, recently appointed Dan Karas as EVP of Allied Affiliated Funding, the Bank’s factoring and asset-based lending division.  In this role, Karas will be responsible for guiding the division and driving its initiatives toward continuing growth.

Karas’ commercial lending expertise spans nearly four decades with national and regional banks. In his most recent role at a Dallas-based community bank, Karas helped create its commercial finance businesses and expand its commercial lending platforms and grew profitability.

Gibraltar prides itself on its ability to provide companies and their private equity sponsors with flexible financing and maximum liquidity, based on our ability to understand each business’ special situation. This enabled us recently to provide Texas-based Easy Gardener Products, Inc, a $20 million credit facility to help with a restructuring.

Easy Gardener designs, manufactures, and sells a broad range of consumer lawn and garden products. It sells its products under several well-known patented and trademark brands such as WeedBlock, Jobe's, Emerald Edge, Landmaster, Ross, and Jobe’s Organics. Its customer base includes longstanding relationships over a 20- to 30-year period with a robust network of large national home improvement and mass merchant retailers as well as local hardware stores and independent garden centers and nurseries.

Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), announced today it has provided a $12,500,000 senior secured credit facility to Carlisle Etcetera, LLC (the “Company”), a direct-to-consumer women’s luxury apparel brand. 

MIDCAP FINANCIAL today announced that it has successfully closed the acquisition of substantially all of PNC Bank's Franchise Finance loan portfolio. In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial including Bernard Lajeunesse, former Senior Vice President and General Manager of PNC Franchise Finance, who will be leading the new initiative.

At a meeting of its Executive Committee in June, SFNet put forward a plan to establish two new standing committees. The first would seek to understand and address issues of diversity, equality and inclusion as they affect the SFNet Community. The second would focus on the proliferation of international secured finance. The formation of the new committees, which would hold seats on SFNet’s Executive Committee, will be presented for approval to SFNet Member Directors along with the overall recommended slate of 2021 Fiscal Year Executive and Management Committee candidates later this month.

Alleon Healthcare Capital ("Alleon"), a specialty finance company focused on providing healthcare accounts receivable financing, medical accounts receivable factoring, and cash flow solutions to medical providers in the U.S., recently closed a $750,000 medical accounts receivable financing facility with a pharmacy in Pennsylvania (“Company”).  

Great Rock Capital, an asset-focused commercial finance company specializing in middle market lending, today announced Kathleen Auda has joined the firm as Chief Risk Officer. Auda will be responsible for overseeing both the underwriting and portfolio management teams and will report to Stuart Armstrong, CEO and CIO.