California Bank of Commerce launched a sponsor finance lending division, which will be led by Larry LaCroix as executive vice president. The division will work with private equity firms (including search funds) and direct lenders to provide cash flow-based senior debt financing.
In the second episode of ABF Journal’s podcast, Brett Hickey, founder and CEO of Star Mountain Capital, outlines how companies with locked revenues and deferred payments are being affected by the COVID-19 pandemic. In addition, he shares why bridge financing is becoming a popular structure in this environment.
Ally Financial provided $450 million in inventory financing to Vroom, an ecommerce platform for buying and selling used vehicles.
Sunflower Bank provided $15 million in commitments to support the redemption of shares and future growth of QuickBox Fulfillment and revolving and term debt commitments in connection with an investment in Team Laboratory Chemical.
Credit Suisse provided a $100 million debt facility to Credijusto, a tech-enabled lender in Mexico.
North Mill Capital provided a $5 million asset-based line of credit4 to 203 Trading
Capstone Capital Group completed five transactions for four clients for a total of $53.4 million.
Encina Business Credit has provided a $15 million senior secured credit facility to an oilfield services pressure pumping company.
CapitalPlus completed six transactions in February for a total of $10.44 million.
Rosenthal & Rosenthal completed a purchase order finance facility to support the production financing requirements of an Illinois-based manufacturer and importer of mechanical components for large customers in the OEM industrial sector.