Daily News: April 26, 2013

Former Burdale Executive Team to Lead New ABL

Siena Lending Group, a portfolio company sponsored by Solia Capital, a private investment firm, announced its formal launch and completion of its developmental phase. Siena said it is actively providing small and middle market businesses with secured, asset-based lending loans between $1 and $20 million across the U.S.

Siena is managed by the former executive team of Burdale Capital Finance (BCF), the U.S. Asset-Based Lending division of Bank of Ireland. BCF was led by David Grende, its president and CEO, who built a first rate team that underwrote over $2.5 billion in ABL loans with an outstanding performance record.

As a result of the mandatory deleveraging of Irish banks by the IMF, Bank of Ireland was required to divest of certain assets, which included BCF. BCF’s $1.2 billion U.S. portfolio was sold to Wells Fargo Bank in 2012; in connection with the transaction, Solaia Capital transitioned the core BCF team to Siena. David Grende retains the position of president and CEO.

“I am thrilled to be leading Siena and believe there is tremendous opportunity to provide a solution for companies to maximize their potential for growth, profitability and success,” said Grende. “Our business model and capabilities are at the intersection of market need, while providing banks with an attractive option that never previously existed.” Grende is a veteran ABL executive and actively involved in the CFA as a member of its executive committee and chairman of its finance committee.

To read the entire news release, click here.