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Huntington Business Credit closed a $25,000,000 new credit facility with Vanguard International Solutions, Inc. on December 30, 2022. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital growth financing.Vanguard International Solutions, Inc., headquartered in Cleveland, Ohio, is a wholesale distributor of medical and food-grade disposable gloves and related Personal Protective Equipment primarily to the food service, medical, and janitorial Read Story

Field Under: Distribution
February 01, 2023 @ 08:00 AM

Siena Lending Group announced an increase to its senior credit facility with Wells Fargo Capital Finance to $672.5 million to support its continued growth. Siena is a leading independent asset based lending business, supporting middle market companies with credit facility requirements of $10 -$100MM. Siena operates nationwide throughout the U.S. and Canada and offers financing for healthcare companies through its Siena Healthcare division.“We are very proud of what we have achieved for Siena,” Read Story

Field Under: Lender Finance
February 01, 2023 @ 07:52 AM

Carl Marks Advisors announced promotions for three executives at the firm. Benjiman Godbout and David Endo have been promoted to Managing Director, and Michael Gordon has been elevated to Director.“Ben, David, and Michael have each made tremendous contributions to the growth of our business,” said Evan Tomaskovic, Managing Partner of Carl Marks Advisors. “Ben and David have demonstrated exceptional leadership and client service as part of our Special Situations investment banking team, working Read Story

February 01, 2023 @ 07:49 AM

Atalaya Capital Management announced the completion of fundraising for its eighth Special Opportunities Fund (“ASOF VIII”). The oversubscribed fund closed with $1.8 billion of commitments given significant support from both new and existing partnerships with investors. These partners include public and corporate pensions, endowments, foundations, healthcare systems, sovereign wealth plans and high net worth individuals.The ASOF strategy, originally launched in 2006, deploys an all-weather Read Story

Field Under: Private Equity News
February 01, 2023 @ 07:48 AM

MidCap Financial provided a $15 million senior revolving credit facility to Kewaunee Scientific Corporation. The MidCap Financial credit facility includes an uncommitted option to increase the total facility size up to $30 million. Proceeds from the MidCap Financial credit facility will be used to support working capital requirements.Kewaunee was founded in 1906 and is headquartered in Statesville, North Carolina. The Company is a recognized global leader in the design, manufacture, and Read Story

Field Under: Manufacturing
February 01, 2023 @ 07:45 AM

SolaREIT, a solar real estate investment fund, successfully closed on a revolving credit facility with Atlantic Union Bank (AUB). This line of credit provides the company with an additional $15 million of liquidity, and will allow SolaREIT™ to continue to scale the business and efficiently use its securitization facility established in 2021 with Nuveen/TIAA CREF. SolaREIT™ represents an innovative model in financing solar land, providing solar developers and landowners with robust financing Read Story

Field Under: Real Estate
February 01, 2023 @ 07:41 AM

eCapital Corp. announced that eCapital Healthcare delivered $172.6 million in newly originated credit facilities for businesses in the healthcare industry in 2022. The division delivered financial solutions to healthcare providers in skilled nursing, hospital, behavioral health, home health and ancillary services sectors. The proceeds from these lines of credit and term are being utilized for working capital, change of ownership transfers, acquisitions, mergers, and capital improvements, to fuel Read Story

February 01, 2023 @ 07:38 AM

MidCap Business Credit closed on an $5,000,000 asset based credit facility to a manufacturer and supplier of coated and bonded abrasive products throughout North America, Canada, and Mexico. The credit facility is supported by advances against accounts receivable and inventory.MidCap Business Credit provides asset-based credit facilities to lower and middle market businesses nationwide, who have borrowing requirements from $2MM to $20MM.  Read Story

Field Under: Manufacturing
February 01, 2023 @ 07:16 AM

First Citizens Bank announced that its Healthcare Finance group, part of the CIT division, has provided $52.4 million to affiliates of Kayne Anderson Real Estate and Remedy Medical Properties to finance a portfolio of medical office building properties.The portfolio consists of an aggregate of more than 300,000 square feet of space in 13 properties spread across various states, including Virginia, Texas, Tennessee, Indiana, Wisconsin, Connecticut and California.“We appreciated the Healthcare Read Story

Field Under: Real Estate
February 01, 2023 @ 07:12 AM

Lighthouse Financial Corp. announced the promotion of Daniel Ellis to Senior Vice President, Account Executive. In this role Ellis will continue to manage a portfolio of asset based loans and underwrite new transactions. In addition, Ellis will lead the efforts of Lighthouse's subsidiary Verification Management Company, which provides asset based loan management services to financial institutions without the capacity to do so themselves.Ellis is an industry veteran with nearly twenty years of Read Story

February 01, 2023 @ 07:08 AM

Wintrust Financial Corporation announced the planned transition of the Chief Executive Officer role. Effective May 1, 2023, Timothy S. Crane, who currently serves as Wintrust’s President, will assume the additional role of Chief Executive Officer. Crane also has been appointed to the Wintrust Board of Directors effective immediately.To ensure a smooth leadership transition, Edward J. Wehmer will continue to serve as Founder and Chief Executive Officer of Wintrust through April 30, 2023. Subject Read Story

January 31, 2023 @ 08:02 AM

Crown Partners announced that Arsenal Funding, a merchant cash advance funder headquartered in West Palm Beach, FL, has closed on $16 million of bank financing to continue growing its funding portfolio.  Since 2021, Crown Partners has served as exclusive financial advisor to Arsenal.  During this time, Crown has facilitated Arsenal’s capital objectives, including arranging financing from two commercial banks, and establishing a strategic forward flow funding relationship with a private credit Read Story

Field Under: Lender Finance
January 31, 2023 @ 08:00 AM

Utica Equipment Finance completed an $8,000,000 transaction on January 25, 2023.  The $8,000,000 capital lease is for an equity group owned wood processing company with multiple locations in the south. The company transforms urban wood, construction debris and yard waste into soil-regenerating compounds, organic compost, blended soils, mulch, and energy pellets on an industrial scale. The company was started with the acquisition of two existing companies. They completed a third acquisition Read Story

Field Under: Specialty Industries
January 31, 2023 @ 07:51 AM

Rosenthal & Rosenthal completed a pair of factoring transactions, including a $1.75MM domestic and international non-recourse factoring deal for a leading manufacturer of antimicrobial products and a $1.5MM non-recourse factoring deal for a wholesale premium seafood distributor.A New England-based global manufacturer of antimicrobial technologies for the textile, medical and industrial sectors was in need of a new financing solution that would accommodate both their domestic and international Read Story

Field Under: Factoring News
January 31, 2023 @ 07:50 AM

Otterbourg P.C. announced that David Castleman has joined the firm as a member in the Restructuring and Bankruptcy Department. He comes to Otterbourg from Raines Feldman LLP, where he was a partner.Castleman’s practice focuses on federal equity receiverships and complex litigation in both state and federal courts. Recognized for his experience in cryptocurrency insolvencies, Mr. Castleman was recently appointed as receiver regarding a $250 million alleged internet-based Ponzi scheme in a case Read Story

January 31, 2023 @ 07:43 AM