Daily News: August 8, 2012

SVB, Capital One Co-Lead $49 Million Credit Facility for Quorum


Silicon Valley Bank and Capital One Bank announced they co-led the closing of a $49 million senior secured credit facility for Quorum Business Solutions, Inc. Quorum, a portfolio company of The Carlyle Group and Riverstone Holdings, is a provider of software solutions and services to oil and gas, renewable energy and natural resource companies. Proceeds of the facility were used to refinance debt and fund Quorum’s ongoing working capital requirements.

“We’re excited to enhance our relationship with Silicon Valley Bank and develop a new partnership with the Capital One Bank team as our business evolves,” said Rick Piacenti, executive vice president – Finance and chief administrative officer at Quorum Business Solutions. “Both of the banks provided great partnerships and industry expertise that resulted in a financing solution tailored to meet our unique needs.”

Quorum Business Solutions’ enterprise-wide software helps automate financial accounting, operational and regulatory compliance functions for energy companies, particularly in the midstream and pipeline segments of the energy industry. It currently offers 25 different software solutions to serve over 145 clients with its employee base of over 350 professionals who are based in Houston, Dallas and Calgary.

“The Capital One Bank team is thrilled to partner with Silicon Valley Bank and launch a new relationship with Quorum Business Solutions, a leading provider of software and services to the energy industry, as it continues to expand its business with new and existing customers,” said Alan Tom, managing director, Technology Sponsor Finance, Capital One Bank.

“As Quorum’s lead bank, we are pleased to support the company’s existing operations and growth strategy,” said Bob Curley, Corporate Finance Software Sector head, with Silicon Valley Bank. “The Capital One Bank team has also been a great partner on this transaction, particularly given the group’s deep understanding of industry dynamics and willingness to collaborate.”

Capital One Bank’s Technology Sponsor Finance team provides senior secured financings in support of sponsor-led buyouts and recapitalizations of an array of middle-market technology providers.

Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.