Ares Management Corporation announced that funds managed by its Credit Group closed approximately $12.3 billion in U.S. direct lending commitments across 86 transactions during the third quarter of 2024 and approximately $44.5 billion in direct lending commitments across 328 transactions in the 12 months ended September 30, 2024. The $44.5 billion of commitments over the 12-month period represents a new record for the U.S. Direct Lending business. Below is a description of selected transactions
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November 04, 2024 @ 08:15 AM
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Northrim BanCorp announced the acquisition of Sallyport Commercial Finance in an all cash transaction that closed on October 31, 2024 and is valued at approximately $53.9 million. Sallyport Commercial Finance, LLC is a leading provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States and Canada. The transaction is expected to provide earnings accretion of approximately 15% to Northrim’s 2025 operating
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November 04, 2024 @ 08:10 AM
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Robert Meyers, President of Republic Business Credit, was recently elected as President of the Secured Finance Network (SFNet), the essential resource for all organizations and professionals that deliver and enable secured finance to businesses.Meyers got involved with SFNet in 2013 by planning an educational event for the SFNet Midwest Chapter. Over the next decade, he took on numerous volunteer roles, including chapter treasurer, vice president and president in 2016. Additionally, Meyers was
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November 04, 2024 @ 08:07 AM
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TGI Fridays, the owner and operator of 39 domestic restaurants in the TGI Friday's casual dining chain, filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of Texas. The Company expects to use the time and legal protections made available through the Chapter 11 restructuring process to allow the Company to explore strategic alternatives in order to ensure the long-term viability of the brand.Continuity in Franchise OperationsThe TGI Fridays brand and
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November 04, 2024 @ 08:06 AM
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CIBC Innovation Banking has appointed Paul McKinlay and Patrick Martin as Executive Managing Directors and Co-Heads, effective November 1, 2024, as Mark Usher retires from his position as President and Executive Managing Director.CIBC Innovation Banking has become an established lender in the innovation economy in North America. Mark joined CIBC with the acquisition of Wellington Financial in 2018 and has served as a key member of the leadership team, with a pivotal role in building the
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November 04, 2024 @ 08:05 AM
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Ameris Bank promoted Brian Parks to the newly created role of head of Wholesale Banking, reporting to Ameris Bank President Lawton Bassett.Parks will be based in Atlanta and oversee Treasury Management, Industry Specialty Banking, Commercial Real Estate & Capital Markets and Corporate Banking, as well as the metro Atlanta market.Parks joined Ameris in 2020 as regional president covering the majority of the company’s Florida markets spanning from Jacksonville to Orlando to Tampa. He expanded
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November 04, 2024 @ 07:55 AM
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eCapital announced the successful acquisition of Optimum Finance Ltd., a Bristol, U.K.-based leader in invoice financing. This acquisition represents a significant milestone in eCapital’s expansion roadmap and reinforces its leadership in the U.K. invoice finance market.“This acquisition not only broadens our service capabilities but also signifies our commitment to empowering SMBs across three continents,” said Marius Silvasan, CEO of eCapital Corp. “We are proud to welcome Optimum’s expertise
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November 04, 2024 @ 07:19 AM
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Citizens M&A Advisory served as the exclusive financial advisor to Hi-Tek Data Holdings LLC., a premier managed service provider, on its recapitalization by Sea Pine Equity Partners, a lower middle-market private equity firm focused on the service sector.Headquartered in Syosset, NY, Hi-Tek Data provides managed IT support, managed IT security, cloud solutions and other services to businesses in the New York tri-state area. Hi-Tek Data will continue to operate under its established brand while
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November 04, 2024 @ 07:00 AM
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Runway Growth Capital, a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, and BC Partners Credit, the $8 billion credit arm of BC Partners, an approximately $40 billion AUM alternative investment firm, announced a definitive agreement whereby BC Partners Credit will acquire Runway.Following the closing of the transaction, Runway will remain the investment adviser to investment funds, including Runway Growth Finance Corp.
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November 01, 2024 @ 08:15 AM
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Revlon Group Holdings provided additional details around the benefits of its recently upsized and enhanced credit facility. As previously announced on September 30th, Revlon Intermediate Holdings III LLC and certain of its subsidiaries entered into a five-year senior secured asset-based credit agreement with MUFG Bank, as administrative agent, and the lenders party thereto. The Credit Agreement provides Revlon with a credit facility in an aggregate principal amount of $350 million and replaces
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November 01, 2024 @ 08:14 AM
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Silicon Valley Bank (SVB), a division of First Citizens Bank, provided a $50 million growth capital facility to Bugcrowd, a leading provider of crowdsourced cybersecurity solutions. Bugcrowd brings the collective ingenuity of organizations and hackers to mitigate vulnerabilities across all applications, systems, and infrastructure.Provided by SVB’s Enterprise Software Group, the new financing will further scale Bugcrowd’s AI-powered platform globally, fund continued innovation into the Bugcrowd
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November 01, 2024 @ 08:13 AM
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Gunvor USA, an indirect wholly-owned subsidiary of Gunvor Group Ltd, has successfully closed the syndication of its US $2.34 billion uncommitted borrowing base credit facility. The facility, which benefited from strong oversubscription, includes a US $1.75 billion one-year tranche and a US $584 million two-year tranche, as well as a US $500 million accordion feature to support future growth.The proceeds of the facility will refinance Gunvor USA’s existing US $1.94 billion borrowing base facility
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November 01, 2024 @ 08:00 AM
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Grant Thornton has appointed new leaders in two markets. Nathan Dreyfus, a principal in the firm’s Risk Advisory Services practice, has taken the helm of Grant Thornton’s Silicon Valley office. Dreyfus succeeds Amanda McCarty, who is now the firm’s West Region Audit & Assurance Practice leader. Meanwhile, Jeff Strassman, a partner in Grant Thornton’s Audit and Assurance practice, is the firm’s new leader in Boston. He succeeds Chris Martin, who has taken on a leadership role within the firm’s
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November 01, 2024 @ 07:58 AM
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Alvarez & Marsal (A&M) announced the appointment of John Fiorentino as a Managing Director within the firm’s Private Equity Performance Improvement (PEPI) group. Mr. Fiorentino’s expertise unlocking procurement and supply chain-driven value creation, in support of private equity (PE) firms and their portfolio companies, provides the perfect blend of experience to expand A&M’s Procurement and Sourcing group’s strategic capabilities. Fiorentino advises clients on supply chain solutions that
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November 01, 2024 @ 07:52 AM
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SLR Credit Solutions structured a unitranche asset-based credit facility to support Directional Capital’s acquisition of a collection of rent-to-own retail locations across the New York and New Jersey markets, via a new entity known as Purple Apple. In addition to acquisition financing, the SLR Credit Solutions facility provides additional liquidity for general corporate purposes. Newly-formed by Directional Capital, Purple Apple purchased the stores from the rent-to-own retail franchisor
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November 01, 2024 @ 07:35 AM
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