Bastion Management, a private investment firm focused on asset-based lending in the specialty finance sector, agented a senior debt investment of $20 million with accordions up to $60 million in Vernance to fund future growth of its consumer lease-to-own (LTO) portfolio.
“Teaming up with Bastion marks a pivotal moment in our journey to expand Vernance’s LTO solutions and reach a wider consumer base,” Daniel Collins, chief financial officer of Vernance, said. “Our goal is to equip consumers with financial tools that simplify budget management. We’re enthusiastic about the opportunity to elevate Vernance to a prominent position in the LTO sector, and we believe Bastion is the perfect partner to support our growth.”
“We are excited to partner with Vernance, a company with an exceptional track record and commitment to customer satisfaction,” Tim Joyce, co-president of Bastion, said. “This credit facility represents a significant step in the company’s growth and will help support the management team’s mission of offering flexible and accessible leasing solutions to consumers.
