BlackArch Partners announced the closing of the sale of Smith-Cooper International, a portfolio company of ZS Fund, to Blue Point Capital Partners. BlackArch Partners was retained by Smith-Cooper to serve as exclusive sellside adviser on the sale of the company.
Great American has been selected by a court-appointed receiver to liquidate the assets owned by Russell Wasendorf, Sr. The former CEO of Peregrine Financial Group, he recently pleaded guilty to embezzling $200 million from investors. PFG filed for Chapter 7 bankruptcy liquidation in July.
Bloomberg reported that New York banking superintendent Benjamin Lawsky said capital ratio requirements being considered by federal regulators should be eased for community banks with less than $10 billion in assets.
PayNet reported that for the first time since 2009, default risk is forecast to rise by 10% in 2013 increasing cost on the P&L and impacting the bottom line.
Concord Financial Advisors acted as exclusive financial advisor to a private equity fund that acquired a manufacturer of aftermarket automotive products based in California. Concord aided the fund in obtaining $11.1 million in senior secured credit facilities.
MCG Capital announced the closing of a $20 million investment in Midwest Technical Institute. MCG’s investment consists of a senior secured unitranche credit facility and revolving line of credit.
Maranon Capital announced an investment in Performance Health and Wellness Holdings to support the acquisition of the business by Gridiron Capital and Performance Health’s management team. Maranon arranged and led a syndicate that provided mezzanine debt and an equity co-investment.
Main Street Capital announced that it has exited the majority of its equity investment in Laurus Healthcare. Main Street realized a gain of approximately $9.9 million on the sale of the majority of its equity investment in Laurus.
Fifth Third Bank announced that it has extended more than $6.5 billion in new and renewed credit to business customers from July through September 2012. During the first nine months of 2012, Fifth Third Bank lent more than $20.5 billion to businesses throughout its footprint.
Franchise.org reported that the franchise industry posted its highest year-over-year gain since the beginning of the recession in September, up 2.2% since September 2011.