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TCF Financial Corporation announced Craig R. Dahl will retire, effective Tuesday, following the successful integration between TCF Bank and Chemical Bank, a merger Dahl helped lead. The TCF Financial Corporation board of directors elected Vice Chairman David T. Provost as TCF Financial Corporation Chief Executive Officer and elected Thomas C. Shafer to the board of TCF Financial Corporation as Vice Chairman and CEO of TCF National Bank. Both Shafer and Provost will report to Executive Chairman Read Story

October 27, 2020 @ 08:30 AM

The associated debt from North American oil and gas bankruptcies in 2020 has already reached an all-time high and is set to grow even further this year as the wave of Chapter 11 filings continues, a Rystad Energy report projects, analyzing industry data from law firm Haynes and Boone.Although the combined count of Chapter 11 filings from exploration and production firms (E&Ps) and oilfield service (OFS) companies this year in North America has so far reached 84, which is still lower than the Read Story

Field Under: Bankruptcy
October 27, 2020 @ 08:27 AM

LBC Small Cap, an affiliate of LBC Credit Partners, provided a senior secured credit facility and equity co-investment to support Susquehanna Private Capital, LLC’s (“SPC”) acquisition of Authority Franchise Systems, LLC (“Mosquito Authority” or the “Company”).LBC served as Agent and Sole Lead Arranger for the senior secured credit facility.North Carolina-based Mosquito Authority is a franchisor of mosquito, pest, and tick control services throughout the United States, Puerto Rico, and Canada. Read Story

Field Under: Specialty Industries
October 27, 2020 @ 08:25 AM

Hilco Redevelopment Partners (HRP) announced that it has named Justin Dunn as Senior Vice President of Development of the company’s Philadelphia team, which is working to redevelop a 1,300 acre former oil refinery site in southwest Philadelphia. The project will transform the site into a state-of-the-art, environmentally responsible logistics and commercial campus. HRP is the real estate development unit of Hilco Global and is dedicated to the remediation and redevelopment of obsolete industrial Read Story

October 27, 2020 @ 08:15 AM

Iron Horse Credit (IHC) and Alterna Capital Solutions (Alterna) announced the closing of a $3,000,000 stand-alone inventory revolving line of credit and $2,500,000 Accounts Receivable-based facility respectively to a century-old company engaged in the design, development and marketing of quality women’s footwear. The facility provided was used to pay off its current bank relationship and provide the company with additional working capital as the business impact of COVID-19 began to decrease.As Read Story

Field Under: Apparel
October 27, 2020 @ 08:10 AM

The October 2020 NABE Business Conditions Survey report presents the responses of 92 NABE members to a survey conducted October 2-14, 2020, on business conditions in their firms or industries, and reflects third-quarter 2020 results and the near-term outlook. COMMENTS: “The October NABE Business Conditions Survey shows that firms are continuing to gain ground since the sharp economic downturn experienced in the first half of the year,” said NABE President Manuel Balmaseda, CBE, chief economist Read Story

Field Under: Economy
October 27, 2020 @ 08:00 AM

Fifth Third Bancorp announced the appointment of Tim Spence as president. His promotion will support the Company’s ongoing successful execution of its strategic initiatives and further strengthen its position as a leading regional bank.In his new role, effective immediately, Spence will oversee all business lines and regional banking, while continuing his leadership of the Bank’s strategy. It was Spence’s strength in strategy that first brought him to Fifth Third in 2015. He led that area as Read Story

October 26, 2020 @ 09:10 AM

Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, announced today that Joe Niemiec has joined the firm as a Senior Managing Director to expand its middle market investment banking coverage and to focus on advising companies in the services and industrials sectors.Mr. Niemiec joins Guggenheim after more than 15 years with William Blair, where he most recently served as Managing Director and Head of European Services & Industrials. Mr. Niemiec has Read Story

October 26, 2020 @ 09:04 AM

Ares Management Corporation announced that Raj Krishnan has joined as Partner and Chief Investment Officer of Ares Insurance Solutions (“AIS”).Mr. Krishnan brings more than 25 years of insurance asset management experience to AIS. He joins from F&G Annuities & Life (“F&G”) where he most recently served as Executive Vice President and Chief Investment Officer, overseeing F&G’s $28 billion investment portfolio. In his new role, Mr. Krishnan will oversee insurance asset management for AIS and help Read Story

October 26, 2020 @ 09:03 AM

eCapital Corp, a leading alternative finance provider in North America, today announced that Charles Sheppard, formerly president of the eCapital Freight Factoring Division, has been named Chief Operating Officer (COO) of eCapital Corp. In this new role, Charles will oversee both the eCapital Freight Factoring and eCapital Commercial Finance divisions, ensuring the company has unified leadership and is well-equipped to continue to scale and further establish itself as a leader in alternative Read Story

October 26, 2020 @ 09:01 AM

Capitala Group, a leading provider of capital to lower middle market companies, announced today that it has made an investment in Mason West (the “Company”), the industry leader in engineered seismic restraint and vibration isolation products. Capitala’s growth strategy investment provided debt and equity capital to the Company to provide for ongoing expansion in the market.Based in Southern California, Mason West provides products and services that are sold to Mechanical, Electrical, and Read Story

Field Under: Industry News
October 26, 2020 @ 09:00 AM

Grande West Transportation Group Inc., a Canadian manufacturer of mid-sized multi-purpose transit vehicles for sale in Canada and the United States, announced that it has renewed its $20,000,000 credit facility.The Royal Bank of Canada (RY) is providing a three-year revolving Credit Facility, based on the value of the Company's assets, for up to $20,000,000, to be used for ongoing working capital requirements. Loans under the Credit Facility bear interest at a rate equal to a Canadian prime rate Read Story

Field Under: Transportation
October 26, 2020 @ 08:40 AM

SSG Capital Advisors ("SSG") acted as the investment banker to Caveman Foods, LLC in the placement of a convertible note by Carmenta Capital Co-Investments, L.P. The financing will provide liquidity to scale the business and support growth initiatives. The transaction closed in October 2020. Caveman produces paleo-inspired nutrition bars, protein bars, granola bars, and jerky. Its entire product portfolio is paleo, gluten-free, dairy-free, soy-free, peanut-free, and contains no refined sugar. Read Story

October 23, 2020 @ 08:30 AM

After an unprecedented pause due to the coronavirus pandemic, the sports world has changed but is back to delivering content, according to Fitch Ratings. Liquidity options have supported resumption of play and enabled leagues to conduct games in tournament bubbles and/or at home venues."Leagues have overcome massive hurdles and incurred significant costs to deliver content," said Senior Director Chad Lewis. "Some venues are back to hosting fans while others remain empty due to local government Read Story

Field Under: Sports
October 23, 2020 @ 08:20 AM

Blue Wolf Capital Partners, a New York-based private equity firm, announced the expansion of its investment team with four strategic hires: Shashank Patel, Greg Singer, Ethan Cooper and David Meyers. Blue Wolf has also promoted Chief Financial Officer and Chief Compliance Officer Joshua Cherry-Seto to Managing Director.Shashank Patel rejoins the firm as a Principal after working at Apax Partners and Providence Equity. He first joined Blue Wolf in 2011 and was previously involved in Blue Wolf’s Read Story

Field Under: Private Equity
October 23, 2020 @ 08:15 AM