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Mitsubishi UFJ Financial Group Inc. says it is "evolving" beyond its traditional niche as a financer of energy projects in an effort to take on big lending rivals like Wells Fargo and J.P. Morgan in the market for receivables finance and asset-based lending. In an interview with Bloomberg News, Jonathan Lindenberg MUFJ's Deputy Head of Investment Banking for the Americas, said the company's expansion strategy will include underwriting and selling more debt in the U.S. to investors rather than Read Story

Filed Under: Company Announcements
July 12, 2017 @ 08:00 AM

K1 announced the sale of its portfolio company ChiroTouch to Waud Capital Partners. Under K1’s ownership, ChiroTouch grew to become the world’s largest provider of electronic healthcare records and practice management software to the chiropractic vertical, serving over 11,000 clinics. K1 acquired ChiroTouch in August 2014 and grew the company’s recurring revenue by a factor of more than 5x in less than three years. Terms of the sale were not disclosed. During its ownership, K1 strengthened the Read Story

Filed Under: Healthcare
July 18, 2017 @ 07:17 AM

CIT Bank announced a strategic partnership with Allstate. The joint venture, CIT Northbridge Credit LLC (CIT Northbridge), will provide revolving- and term-loan commitments from $15 million to $100 million to middle-market companies across various industries and business cycles. CIT Northbridge will be a trusted financial partner for middle-market companies, delivering a broad range of flexible asset-based debt solutions beyond those typically provided by traditional banks. CIT Asset Management Read Story

Filed Under: New Venture
July 11, 2017 @ 07:40 AM

PNC Bank has formalized plans to expand its middle market business into the Denver, Houston and Nashville markets in 2018, following expansion to Dallas, Kansas City and Minneapolis in 2017. The bank announced the news in a release of its second quarter financials, which showed revenue grew $176 million, or 5 percent, to $4.1 billion, and net interest income increased $98 million, or 5 percent, to $2.3 billion. Total loans grew $5.2 billion as of June 30, 2017 compared with March 31, 2017. Read Story

Filed Under: Corporate Earnings
July 14, 2017 @ 08:00 AM

Mergers and acquisitions activity in the middle market hit a ten-year high in the first half of 2017, with 5,260 deals completed during the period, according to data from Thomson Reuters. As reported by Mergers & Acquisitions, that's a 12 percent increase over the 4,694 deals that closed in the first six months of 2016 -- marking the strongest first six months of the year since pre-recession 2007, when 5,478 middle-market deals closed. Meanwhile, leveraged loan issuance was a record $732 billion Read Story

July 10, 2017 @ 07:59 AM

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