Daily News: September 14, 2016

Former Gibraltar CEO Launches Stonegate Capital


Former Gibraltar Capital CEO Darren Latimer launched Stonegate Capital Holdings to provide $1 million to $10 million asset-backed loans to established lower middle market enterprises and emerging brands.

The founding team includes CFO Tim Gottfried, formerly of CDW and Cerberus Capital, Tony Cappell, formerly of First Midwest Bank and Andrea Hedrick, previously at Wells Fargo Capital Finance.

Shortly after opening, Stonegate closed on a significant equity investment led by Bridge Investments, a private equity firm based in Chicago, and New York-based MBB.

“Our particular focus is on providing collateral-backed debt to small- and medium-sized business whose needs are increasingly not being met by traditional financing sources,” Latimer said. “We are where banks aren’t and pride ourselves on being nimble and adaptive. As market conditions change, we can continue to serve borrowers throughout the credit cycle — offering products that fit their needs, in positions that are mutually beneficial.”

Pete Schwab, former chairman and CEO of Wells Fargo Capital Finance, will join the Stonegate board of directors.

“I have worked with Darren for nearly 20 years. He is a tremendous talent and has assembled a terrific team. I am excited to join this group and contribute to the efforts of establishing Stonegate as a leading and differentiated lender to the lower middle market,” Schwab said.