GE Capital, AIG Vets Launch Commercial Finance Company
Stonebriar Commercial Finance announced the commencement of its operations with financial backing from Topeka, KS-based Security Benefit. Stonebriar will provide financing solutions to a broad range of middle market and large business enterprises in the U.S. and select foreign jurisdictions.
Dave B. Fate, president and CEO of Stonebriar, will be joined by other industry veterans: Paul Bossidy and Steve White, both long-time GE Capital senior executives; Tim Milazzo; Andy Fletcher and other team members who have extensive experience in the commercial finance markets. Bossidy, chairman of Stonebriar Board of Directors stated, “I am thrilled to be part of the Stonebriar team. I have no doubt that Stonebriar will quickly emerge as the leading source of innovative financing solutions.”
Fate said, “Our team is excited about the opportunity to partner with SBC, a strong and well-respected organization, with the shared vision to build a world-class, multi-billion dollar commercial finance company. The company’s equity base and flexible business model gives Stonebriar the financial capacity to move quickly in providing clients with customized financing solutions in both the middle and large ticket spaces.”
Fate explained that in recent years, regulated financial institutions, affected by a more stringent regulatory environment, have left a void in the financing needs for many middle market companies. “It is an optimal time for Stonebriar to begin providing a multitude of financing products to companies throughout the credit spectrum, including large businesses that require large, long-term financing solutions.”
“We have been evaluating the commercial finance industry for over a year and could not be more pleased with the world-class management team that we have assembled for this opportunity,” said Tony Minella, chief investment officer of Security Benefit.