Midcap Financial completed its acquisition of substantially all of PNC Bank’s Franchise Finance loan portfolio.
In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial including Bernard Lajeunesse, former senior vice president and general manager of PNC Franchise Finance, who will be leading the new initiative.
_x000D_
“Since its acquisition of the platform from ECN Capital, PNC has been a leading provider of senior debt financing to the
U.S. franchise industry, and we are fortunate to be able to acquire this outstanding business. This new endeavor further establishes our leading position in the middle market lending space. Bernie and his team have a long, successful track record, and I am confident they will continue that legacy at MidCap,” said Midcap CEO Steve Curwin.
_x000D_
Milbank served as legal advisor to MidCap.
_x000D_
