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Bloomberg: NewStar Financial Said to Work With Credit Suisse on Sale

September 20, 2013, 08:03 AM
Filed Under: Industry News

Bloomberg reported that NewStar Financial Inc., the business lender backed by private-equity firms Corsair Capital LLC and Capital Z Partners Management LLC, is exploring a sale. This is according to people with knowledge of the matter.

NewStar is working with Credit Suisse Group AG to solicit offers, said one of the people, who asked not to be identified because the process is confidential.

Logical buyers include Jacksonville, Florida-based EverBank Financial Corp., Miami Lakes, Florida-based BankUnited Inc., and Wayzata, Minnesota-based TCF Financial Corp., according to Bloomberg's source.

Robert Brown, a spokesman for NewStar, declined to comment, as did Credit Suisse spokesman Jack Grone and Robert Siegfried at Corsair.

Along with other backers, Corsair and Capital Z invested $210 million in equity and $450 million in debt to help start the company in 2004, according to a press release at the time.

View the Bloomberg story in its entirety.

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