Daily News: March 8, 2012

Perella Affiliate, Others Form Northpoint Commercial Finance

Perella Weinberg Partners and Northpoint Commercial Finance LLC announced that Perella Weinberg Partners’ Asset Based Value strategy has partnered with a team of experienced industry veterans to form Northpoint Commercial Finance LLC, a diversified non-auto inventory finance lender. In conjunction with the launch of the business, Northpoint has also secured a credit facility from Goldman Sachs Bank USA.

Based in Alpharetta, GA, Northpoint will provide inventory financing to manufacturers and their distribution and dealer networks throughout the United States. Certain funds within the Asset Based Value strategy have committed capital to fund Northpoint’s development and growth in selected industries and product lines.

Northpoint will be led by an experienced management team with in-depth familiarity managing similarly diversified non-auto inventory finance companies in both the United States and Canada. Dan Radley, who previously served as executive vice president of Textron Financial’s distribution finance business, will serve as president and CEO of Northpoint. Former Textron distribution finance group executives Steve Culp, Brian Courtney and Jeff Collins will serve as Northpoint’s CFO, chief risk officer and senior vice president of Operations, respectively.

David Schiff, partner at Perella Weinberg Partners and portfolio manager of the Asset Based Value strategy, stated, “A key objective for the Asset Based Value strategy is to identify and build specialty finance businesses in underserved segments. Inventory finance is yet another area within specialty finance where traditional providers have either exited or retrenched as a result of the financial crisis. We are excited to partner with this group of talented executives. Dan and his team have had tremendous success in building and growing world-class diversified non-auto inventory finance companies. We look forward to working with them to leverage their collective experience and network to meet the increasing market demand for diversified non-auto inventory finance providers.”

Radley added, “Northpoint is well positioned to grow in this market and we are very excited to be aligned with Perella Weinberg Partners’ Asset Based Value strategy. Combining our team’s industry expertise, experience and long term relationships, with the knowledge, financial strength, and reputation of the Asset Based Value strategy will provide Northpoint the opportunity to grow in the markets that we serve.”