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On November 5, Callodine Group, an asset management firm focused on yield-oriented investment strategies, announced it had entered into a definitive agreement to acquire the loan portfolio and assume the employees and operating costs of Gordon Brothers Finance Company, LLC (GBFC). In connection with the closing of the transaction, GBFC has changed its name to Callodine Commercial Finance (CCF). Led by CEO Gene Martin, and the current investment team, CCF will be the successor firm to Gordon Brothers Finance Company, LLC. Callodine’s acquisition represents approximately $400 million in assets and is being funded in part by new strategic financing from KKR, East Asset Management and Axar Capital Management. BlackRock Capital Investment Corporation (“BCIC”), the most recent majority owner of the business, will also remain a financial partner to CCF. TSL Express' senior editor spoke with Gene Martin and Mark Forti at Callodine Commercial Finance about opportunities in the asset-based lending space and what lies ahead.

- Led by CEO, Gene Martin, and the current investment team, Callodine Commercial Finance will be the successor firm to Gordon Brothers Finance Company, LLC

- Investment strategy is consistent with Callodine’s focus on yield-oriented investment opportunities across the capital markets

Clear Thinking Group LLC announced today that Gennady Spivak has joined the firm as a Managing Director.  Mr. Spivak is an accomplished professional with a proven record in bankruptcy and insolvency, financial analysis, forensic accounting, fraud investigation, litigation support and wind down management.

Prior to joining Clear Thinking Group, Mr. Spivak was a Senior Manager in the Corporate Recovery & Litigation Services practice of a major accounting firm where he specialized in the fields of bankruptcy and insolvency, creditors’ rights and litigation support.

(Editor's Note: A member of SFNet’s Advocacy Committee, Brett Garver of Moritt Hock & Hamroff LLP, has provided this alert pertaining to CFPB Section 1071, which could prove to be unduly burdensome to the vast majority of small and mid-sized finance companies that provide credit to small businesses. If you have any questions or comments, please contact Michele Ocejo at mocejo@sfnet.com.)

CIT, a division of First Citizens Bank, today announced that it is launching a new lending and leasing vertical focused on financing fleet golf cars, turf (grounds care) equipment, utility vehicles and similar equipment.

Golf & Turf is part of CIT’s Business Capital group, which is already a national leader in equipment financing solutions for small and mid-size businesses across a wide range of market sectors, including technology, office imaging, printing, construction, industrial and many others.

Monroe Capital LLC today announced it acted as sole lead arranger and administrative agent on the funding of a $120 million senior credit facility to support the recapitalization of an infusion therapy business by a private equity sponsor.

The company is a provider of home and alternate-site infusion therapy and complex specialty pharmacy solutions to patients. 

Gen Merritt-Parikh is the president of Haversine Funding, a leading financing provider to specialty finance companies, including asset-based lenders, factors, purchase order, equipment and inventory lenders. With more than 25 years of experience in commercial finance, she joined Haversine Funding in August 2020, responsible for origination, underwriting, investment analysis and management and asset allocation strategy for Haversine Funding.

In 2018, as president of Allied Affiliated Funding, she led the company to a successful sale through a nationally chartered bank where she continued to manage that line of business for the bank. Merritt-Parikh holds a bachelor of arts degree in business and economics from the University of Texas at Dallas.

TAB Bank is pleased to announce it has finalized the acquisition of BAMFi’s $46 million BAM Capital Division.  This is TAB Bank’s fourth successful completed acquisition of a working capital loan portfolio.  As part of the acquisition TAB will retain the operations and staff at BAM’s office in Dallas, TX. BAMFi, a leading provider of software for the secured lending industry, will continue to own FactorCloud™, its proprietary, all-in-one, cloud-based secured lending software solution.

Fifth Third Bank's Asset Based Lending Group, acting as sole lender, provided a $100MM asset based revolving credit facility for a West Coast based e-commerce retailer.

The company will use the facility to support growth and for ongoing working capital needs. 

SFNet will host a webinar this Friday, May 14, from 12:00 p.m. – 1:00 p.m., titled "The Data You Need to Plan Ahead." This webinar is open to employees of SFNet member organizations and SFNet Chapter members only and will provide analysis behind the numbers for the Secured Finance Foundation (SFFound) Market Pulse Report, the Foundation’s Annual ABL and Factoring Surveys as well as Refinitiv’s Capital Markets League Table for Q1.

Panelists will include Barry Bobrow, managing director, Wells Fargo Securities; Miin Chen, COO, Siena Lending Group; Lawrence Chua, managing director, Ares Management LLC; Maria Dikeos, global head of Loans Contributions, Refinitiv; Terry Keating, president of Accord Financial’s US Asset Based Finance unit and Robert Wescott, president, Keybridge Research.

LBC Credit Partners ("LBC") provided senior secured credit facilities to support the refinancing of Sciens Building Solutions and the add-on acquisition of SmartWatch Security & Sound ("SmartWatch"). Sciens Building Solutions, a portfolio company of Huron Capital, was formed in 2016 to pursue a buy-and-build investment strategy in the fire detection and integrated solutions sector.

Bobbi Acord Noland is a partner at Parker Hudson Rainer & Dobbs LLP in Atlanta, Georgia. As head of the Commercial Finance practice, Bobbi guides global banks, regional banks and finance companies through domestic and cross-border transactions ranging from $5 million to more than $1 billion. She has handled practically every aspect of commercial lending, from single-lender deals to syndicated facilities involving multiple lenders, borrowers, creditors and multi-tiered debt tranches. In addition, Bobbi frequently advises her clients on workouts and restructurings.

Franklin Capital’s Sue Duckett has seen a lot in her 25-plus-year career in the commercial finance industry. Her career has spanned several positions and two countries, but she has never seen anything such as the current crisis. It has been overwhelming at times, with constant changes and an unprecedented number of new inquiries relating to personal protection equipment (PPE). She pushed aside the mounting emails in her new home office to reflect on what she has seen over these past several weeks and where she thinks this might be going.

CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $40 million senior secured credit facility for Europa Sports Products LLC.

Europa Sports Products is an industry-leading distributor of nutritional and sports supplements, sports drinks and accessories to mass market retailers, gyms, health food stores, specialty supplement retailers, sporting goods stores and many other outlets. Proceeds from the credit facility will be used for general corporate purposes and business development.