The Garrington Group of Companies announced the purchase of the assets of Liquid Capital Corp. via the Garrington subsidiary Liquid Capital Enterprises. Garrington also announce the launch of IconiQ Finance and Blacksail Capital Partners.
The purchase includes the shares of both Liquid Capital Exchange Inc. and Liquid Capital Exchange Corp. as well as the franchise agreements governing the relationship with the Liquid Capital franchise network.
As reported previously by ABL Advisor, the Garrington Group was founded in 2019 and it acquired Liquid Capital at the start of this year.
Since 1999, Liquid Capital has been operating in the factoring and trade finance business. Over that period of time, the company has processed over $3 billion in accounts receivable and trade finance transactions through its Canadian headquarters in Toronto and U.S. headquarters in Dallas, TX. Through its 45+ franchised office network, the company locally originates, manages and funds accounts receivables and trade finance transactions.
"After many months of discussion and deliberation, we are very happy to be in a relationship with a firm like the Garrington Capital Group of Companies. Working with the Garrington Group of Companies is going to be very beneficial to our various stakeholders and Liquid Capital Principals. 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,” said Sol Roter of Liquid Capital Enterprises. “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 Capital Group of Companies, we are poised to further increase the depth of our already sizeable footprint in the North American SME marketplace."
Robert Thompson-So, Executive Vice President and Chief Strategy Officer of LINE Financial Services Inc. and spokesperson for the Garrington Group, said, "We are very excited to welcome the Liquid Capital Enterprises stakeholders into our fold. It's doubly exciting for us as this year marks the 20th Anniversary of the Liquid Capital system and represents a real milestone for all of us collectively. We have worked with many of the Liquid Capital Principals in the past and know that they exhibit a high degree of professionalism and trust in the various markets that they serve. Together we look forward to serving the market and partnering with their clients and networks to continue to solve the working capital challenges faced by so many small and medium sized enterprises today."
The newly launched IconiQ operates primarily in the Southwest United States 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. Together we look forward to serving the Southwest U.S. market and partnering with his clients and networks to continue to solve the working capital challenges faced by so many small and medium sized enterprises today," Thompson-So said.
Blacksail operates in both Canada and the United States, 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 many industries, including manufacturing, transportation and logistics, staffing, digital media and consumer goods, it strives to provide quick access to capital which would typically be more flexible than banks.
"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. Together we look forward to serving the market and partnering with their clients and networks to continue to solve the working capital challenges faced by so many small and medium-sized enterprises today," Thompson-So said.