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Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), a diversified financial services company providing asset-based acquisition, disposition, valuation, and lending services, today announced the launch of Heritage Global Capital, a new platform to provide specialty financing solutions to small- and medium-sized investors in charged-off and nonperforming asset portfolios and other asset-based classes.

MUFG Union Bank today announced that Rob Swanson has joined as Managing Director, Northern California Market President. Based in the Bay Area, Swanson reports to Bita Ardalan, Head of Commercial Banking for Union Bank.

In his role, Swanson will lead the strategy and management of the bank's middle market activities in Northern California and the Central Valley. He will oversee a high-caliber team of professionals providing advisory services and solutions specifically tailored to the unique business objectives of corporate clients across industries, as well as spearhead the Technology and Venture Banking industry verticals within the Commercial Bank.

When first submitted for publication in February, this article predicted a recession of unknown origin. COVID-19 answered the question in March.  While we don’t know how long the current health and economic crises will last, we know they are here, and that a meaningful number of lawyers and businesspeople have not encountered a widespread economic downturn. 

Retail has taken a huge hit from COVID-19. What sectors are expected to survive, even thrive? What areas are likely to be hardest hit as the pandemic continues?

Much has been written about the significant impact of the COVID-19 pandemic on the retail sector, as policymakers encourage consumers to wear masks and remain vigilant when leaving home, e-commerce sales have soared, and supply chain concerns persist. Retailers have been challenged to maintain operations and attract current “homebody” consumers, more than 68 percent of whom planned to continue their at home habits after restrictions were lifted, according to a study by management consulting firm McKinsey & Company.¹

Gordon Brothers, the global advisory, restructuring and investment firm, has named Tobias Nanda as President of Brands.

Based in Boston, Nanda is responsible for developing and executing Gordon Brothers’ brand investment strategies through acquisition and lending in all global markets. He has nearly 20 years of experience leading deals, serving on boards of directors and actively working with management teams in private equity to develop and implement their corporate growth strategies.

The COVID-19 pandemic has weighed on the global economy, created volatile indexes, clogged supply chains, shuttered factories, disrupted shipping and limited the sale and movement of goods worldwide. Since supply chains are complex systems of manufacturing, transportation, equipment, personnel and processes to move products from one location to the next within a strict time frame, the past year has created major bottlenecks and bubbles.

The economic impacts of the pandemic became more severe and widespread with each new outbreak in 2020. With more shutdowns imminent in 2021 as new, more contagious strains of the coronavirus spread, supply chain and economic challenges will continue, hurting earnings and further destabilizing struggling retailers. At the same time, these challenges have created paths to profitability for those who have the capacity to operate. Retailers and consumers alike will likely continue to experience delays, an uneven supply of goods, elevated prices for certain items and discounts on others.

Although experts generally agree that networking is important to career success, a surprisingly large number of professionals dread the process to the point that the mere mention of the word makes them anxious and irritated. Lynn Tanner of Winston and Strawn provides a detailed “cheat sheet” for taking the pain out of networking.

White Oak ABL (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced it funded and arranged a $99.5 million senior secured credit facility to an international infant and toddler toy and product manufacturer to finance the company’s growth and ongoing working capital.

The senior secured credit facility consists of an $80 million working capital facility secured by receivables and inventories in the US, UK, Netherlands, and Hong Kong and a $19.5 million IP term loan. White Oak is the agent for the working capital facility and Gordon Brothers is the agent for the IP term loan with White Oak as a co-lender.

CIT Group Inc. (NYSE: CIT) today announced that its Asset-Based Lending team served as administrative agent for a new $185 million senior secured, asset-based credit facility for Orscheln Farm and Home LLC, a leading retailer of farm supplies, home improvement essentials and general merchandise.

Borrowers face an uphill battle when conducting an internet search for capital. Lee Haskin of Crossroads Financial discusses the misinformation out there and offers clarifications concerning certain types of finance products.

Quarterly peer-to-peer interactive conversations will focus on relevant, high-impact issues among professionals in Credit, Operations & Technology, Business Development, Factoring, Legal, SFNet 40 Under 40 Alumni and Hall of Fame/Past Presidents Mentoring.

Henry Sosa is director – account executive at CIT Northbridge Credit. Here he discusses SFNet's Diversity, Equality and Inclusiveness (DEI) Committee.

This article was originally published April 2021. Updated October 2022.

Kudu Investment Management, LLC, (Kudu) a provider of permanent capital solutions to asset and wealth managers globally, today announced the closing of a $300 million credit facility with Massachusetts Mutual Life Insurance Company (MassMutual), a leading U.S. mutual life insurance company, to finance Kudu's growth initiatives.

LBC Credit Partners (“LBC”), a leading provider of financing solutions to middle market companies, provided a senior secured credit facility to support the acquisition of EDSCO Fasteners LLC (“EDSCO” or the “Company”) by MiddleGround Capital. LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.

It brings together complementary strengths with First Citizens’ low-cost retail deposit franchise and full suite of banking products and CIT’s national commercial lending franchise and strong market positions.

Jeffrey Goldrich, SFNet’s 2021 president, has been in the asset-based lending and factoring business for over 40 years. He founded North Mill Capital, as its president and CEO, with its management group in 2010. In 1995 he co-founded, as a shareholder and COO, Business Alliance Capital Corp (BACC), a national commercial finance company based in Princeton, New Jersey. Goldrich and his partner sold BACC to Sovereign Bank (now Santander) in 2005.

Prior to that, he was a senior vice president and manager of the asset-based lending department of First Fidelity Bank in Newark, New Jersey.

Wingspire Capital Holdings (“Wingspire” or the “Company”) today announced its official launch as an independent diversified direct lender focused on providing asset-based loans (ABL) and related senior secured loans to U.S.-based middle market borrowers. Based in Atlanta, Wingspire focuses on the upper tier of the senior secured ABL market by providing senior secured revolving credit lines and term loans ranging in size from $20 to $200 million.