Elevex Capital, an independent commercial equipment finance company, closed on a forward flow agreement with TPG, a global alternative asset management firm. The agreement provides Elevex access to $1 billion in capital, enabling the company to originate and fund larger transactions with a dedicated capital partner.
“Our agreement with TPG positions Elevex as a long-term capital partner to entrepreneurs and operators, enabling us to support more businesses through their next stage of growth,” Jeffry D. Elliott, CEO of Elevex, said. “As more banks exit the leasing market, we are well-positioned to fill the void and compete with larger lenders more effectively in the broader equipment finance market.”
The forward flow partnership with TPG enables Elevex to originate mid- and large-ticket equipment financing deals and sell them at a repeatable, scalable pace, leveraging a tech-enabled origination engine for capital efficiency. This will ensure consistent take-out capital and enhanced liquidity.
“We are proud to partner with Elevex to provide equipment financing that enables businesses nationwide to acquire mission-critical assets and drive growth,” Aaron Ong, partner, asset-based finance at TPG, said. “This partnership reflects our focus on working with high-quality originators to deliver scalable, dependable capital solutions amid bank retrenchment, while also gaining differentiated access to equipment financing transactions.”
Elevex is backed by Sallyport, a Houston-based private equity firm focused on supporting high-growth companies across a range of industries.
“This exciting new partnership shows that Elevex is market-validated and will serve as one of very few true small-to-large ticket independent finance platforms. The team is ready to fund deals and eager to take advantage of this tremendous opportunity,” Ryan Howard, co-founder and managing partner of Sallyport, said.
BayCrest Partners served as placement agent to Elevex for the transaction, assisting in the structuring and execution of the partnership with TPG.
