First Quarter, 2025

ACQUISITION FINANCING

The case studies, deals, sectors and issues driving middle market acquisition financing for 2025.

Top Story

Acquisition Financing in the Middle Market: The Shift to Alternative and Specialty Debt Solutions

Acquisition Financing in the Middle Market: The Shift to Alternative and Specialty Debt Solutions

Introduction: A New Playbook for Private Equity and Specialty Finance The middle market’s acquisition financing game has flipped over the past 15 years. Private equity (PE), armed with institutional capital hunting yield, and specialty finance, with its knack for creative solutions, have rewritten the rules. Gone are the days when bank-led cash flow lending ran the show. Since the 2008 Global Financial Crisis (GFC), sponsors...

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Featured Articles

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Sector Spotlights

Sector Spotlights

On the Leading Edge: Turnaround and Restructuring Now

On the Leading Edge: Turnaround and Restructuring Now

Dive into the pulse of the market with the first installment of a new 10-part video series by TMA, in association with Second Wind Consultants and Rise Alliance, featuring real-time insights from global industry leaders on the cutting-edge trends and challenges shaping...

Wingspire Capital Provides Over $500MM in Corporate Finance Commitments in H1/25

When Structure Becomes Strategy

In recent months, capital markets have been shaped less by headlines and more by execution. As macro uncertainty, rate pressure, and shifting liquidity needs forced businesses to rethink timing and structure, access to flexible capital became a defining factor in...

The 5% At-Risk Scenario: Stress-Testing Middle Market Portfolios for 2026

Software Lending and the Recurring Revenue Premium

As private credit platforms flood the enterprise software market, lenders are increasingly valuing predictable subscription streams over traditional collateral — creating a massive pricing gap for SaaS firms. Software companies with predictable recurring revenue continue to close debt deals at...

The New Era of Bank-Independent Lender Partnerships

The New Era of Bank-Independent Lender Partnerships

Mitsubishi HC Capital America's Brian Rosa makes the case that the accelerating alliance between banks and independent lenders isn't a market reaction — it's the future. For years, banks have pulled back from certain credit markets, tightened underwriting standards, and...

Featured Case Study

The Aaron’s Company, founded in 1955, leads the lease-to-own industry with over 1,200 stores and a strong e-commerce platform across the U.S. and Canada. In 2022, it acquired BrandsMart U.S.A., enhancing its market reach. In 2025, facing a complex take-private acquisition, Aaron’s partnered with Second Avenue Capital Partners (SACP). SACP provided a tailored lending solution, ensuring liquidity, stability, and growth potential, seamlessly guiding Aaron’s into private ownership with expertise and precision.

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