The Garrington Group of Companies has purchased the assets of Liquid Capital and launched Blacksail Partners and IconiQ Finance to serve ABL borrowers in the U.S. and Canada.
The Liquid Capital purchase includes the shares of both Liquid Capital Exchange and Liquid Capital Exchange as well as the franchise agreements governing the relationship with the Liquid Capital franchise network.
“We are very happy to be in a relationship with a firm like the Garrington Group of Companies. This relationship opens the door for the company to take advantage of many great trade finance based opportunities and operate in the under-banked SME market both north and south of the border. Historically, our network has been closed to outside investment but with the seasoned relationship with the Next Edge Private Debt Fund and, now, with the Garrington Group of Companies, we are poised to further increase the depth of our already sizeable footprint in the North American SMEmarketplace,” said Sol Roter of Liquid Capital Enterprises.
Liquid Capital will remain a distinct business under the Garrington umbrella.
Blacksail operates in both Canada and the U.S, with key representation in the U.S. spearheaded by James Franz and in Canada by John Levac. Both have a strong history of success in the Asset Based Lending industry with a specific focus on deals ranging from $1 million to $30 million.
Blacksail will focus its expertise on providing working capital solutions to the underserved small to the mid-sized middle market sector in North America, serving manufacturing, transportation and logistics, staffing, digital media and consumer goods among other industries.
“We are very happy to have Jamie, John and all the other team members at Blacksail Capital Partners in our fold. We have come to lean on them heavily for their experience and expertise in the market and their understanding of the needs of our clients based on how they have historically helped similar clients succeed,” said Robert Thompson-So, executive vice-president and chief strategy officer of LINE Financial Services and spokesperson for Garrington.
IconiQ operates primarily in the Southwest U.S. and is spearheaded by Vince Mancuso, who will be directing overall portfolio development and growth strategy, focusing on asset growth, client retention, and companywide efficiencies.
“We are very happy to have Vince and IconiQ as part of our corporate team. We have come to lean on him heavily for his experience and expertise in the market and his understanding of the needs of our clients based on how he has historically helped similar clients succeed,” said Thompson-So.
Toronto-based Garrington Capital was formed to oversee and fund entrepreneurial factoring and asset-based lending companies with creative and optimal financial solutions to serve the North American small and medium business space.
