Business Development Corporation of America (BDCA), an affiliate of Benefit Street Partners L.L.C., announced the acquisition of a controlling interest in Siena Capital Finance LLC (Siena) from Solaia Capital Advisors LLC (Solaia).

Siena is a leader in the asset-based lending (ABL) business, and offers asset based loans to middle market businesses across the United States. Siena was founded in 2012 by an ABL team backed by Solaia. The team consisted of professionals from Burdale Capital Finance, a wholly owned ABL subsidiary of Bank of Ireland. Since it was established, Siena has underwritten more than 100 transactions totaling over $1 billion in total credit facilities. Siena has an experienced team of 27 professionals, located in Connecticut, New York, Los Angeles, and Chicago. Siena will operate independently as a portfolio company of BDCA.

“We look forward to the next stage in our firm’s growth and to collaborating with BDCA to continue providing critical ABL solutions to our clients,” said Siena CEO David Grende. “BDCA’s disciplined underwriting and attractive capital base make them the ideal partner for Siena.”

“Siena represents a compelling investment opportunity for BDCA. We are excited to partner with David Grende and Siena’s seasoned management team,” noted BDCA CEO Richard Byrne. “Siena will complement our core private debt business and will broaden the suite of financing solutions that we can provide to clients.”

Affiliates of Solaia will retain a minority ownership interest in Siena. In addition, Solaia and BDCA intend to collaborate on future projects together. Solaia CEO Michael Carrazza commented,“We’ve fulfilled our role in supporting the development of Siena into a highly regarded and national ABL lender. Siena represents one of the top ABL lenders in the industry, and as part of BDCA, Siena is poised for its next phase of growth.”

Dechert LLP provided legal counsel to BDCA. Blank Rome LLP provided legal counsel and Hovde Group served as financial advisor to Siena.