NXT Capital said its Corporate Finance Group has formed a Direct Originations Team focused on sourcing senior secured, stretch, unitranche and second lien cash-flow solutions for non-sponsored middle-market companies across the U.S.
The direct team adds another important origination channel for NXT Capital’s Corporate Finance Group, a provider of structured financing to private equity-backed companies. The new team greatly enhances NXT Capital’s ability to support and expand relationships with investment banks, intermediaries, advisors and other parties that serve the middle market.
The Direct Originations Team will be led by Richard Rodgers, an industry veteran with more than 28 years of experience. Rodgers was most recently a managing director of the Central Region for GE Capital’s Corporate Lending Group, where he managed originations over a 10-state territory.
“We’re excited to have such an experienced professional join NXT Capital and lead the Direct Originations Team,” said John Finnerty, group head, Corporate Finance. “Rich’s expertise will help us offer non-sponsored companies the speed, reliability, creative structures and significant hold sizes for which NXT Capital is known.”
NXT Capital’s Direct Originations Team will serve middle-market companies with stable cash-flows, experienced management teams and $5 million to $75 million of EBITDA. NXT Capital underwrites transactions up to $150 million in size with a hold of up to $50 million.
“NXT Capital is an outstanding company with a well established reputation for client focus, flexibility and reliability,” said Rodgers. “I’m excited about building a team that will expand NXT’s origination platform and deliver creative financing solutions to a broader cross-section of middle market companies nationwide.”