MidCap Business Credit formed a new entity, MidCap Equipment Finance, and hired a team of investment professionals to begin offering equipment loans and leases to middle-market companies in the United States and Canada. This new product offering will be complementary to MidCap’s existing business, which has been providing working capital loans since 2004.
Saurin Shah will lead MidCap Equipment Finance. Shah was a co-founder of SLR Equipment Finance (formerly known as Nations Equipment Finance) and also spent many years at GE Capital.
“We are excited to have Saurin help us build out our equipment finance platform and capabilities. We value his entrepreneurial approach and many years of experience structuring equipment finance transactions,” Jeff Black, CEO of MidCap Business Credit, said.
Additionally, MidCap hired Matt Lightfoot to lead the originations efforts for this new business. Lightfoot has been originating equipment finance transactions directly with customers and working with financial intermediaries for years. Most recently, Lightfoot was senior vice president of business development at SLR Equipment Finance.
MidCap also hired Al Berger to lead the underwriting and portfolio management efforts for this new business. Berger has years of commercial credit risk management experience for regulated and non-regulated companies. Berger joined MidCap from SLR Equipment Finance, where he was the senior vice president of underwriting and portfolio management.
“This leadership team has worked together for many years and brings tremendous value to MidCap. We are able to start originating, underwriting and funding equipment finance transactions immediately as this team leverages the existing funding capabilities and strong back-office support that MidCap has developed over many years,” Black said.
MidCap Equipment Finance will focus on providing loans and leases between $2 million to $20 million to middle-market companies located in the United States and Canada across various industries. The company’s originations effort will be a combination of sourcing transactions directly from customers and working with intermediaries and brokers.
