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Articles by Sandor Jacobson
How Subcontractors can Avoid Financial Distress
A combination of macroeconomic factors and a desire to drive top-line revenue continues to lead many subcontractors to underbid projects, sometimes unintentionally, ultimately contributing to financial distress. As more subcontractors succumb to the pressures of the environment, we may see a bubble form.
KeyBanc Capital Markets Agents $66MM Term Loan for Aggreko Energy Transition Solutions
Aggreko Energy Transition Solutions (ETS), a division of Aggreko, a global leader in energy solutions, announced the successful closing of a $66 million term loan financing for a 88.5-megawatt (MWdc) diversified portfolio of C&I and community solar assets. KeyBanc Capital Markets led the transaction and served as the administrative agent.
Chatham Asset Management Launches CLO Management Business
Chatham Asset Management, a private investment firm, has established a CLO management business, CTM Asset Management (“CTM”), and made a significant capital commitment to build the business and support its initial CLO issuance. CTM will be managed as a separate entity with distinct portfolio management, research analyst, and operations teams.
Solifi Named Among Top 14 Fast Track FinTech Winners on 2024 IDC FinTech Rankings
Solifi, a global fintech software partner for secured finance firms, was listed among the top fourteen Fast Track FinTech winners, as well as an IDC Fintech Top 100 company. The 21st annual vendor ranking recognizes the world’s leading hardware, software and service providers in the financial services industry. The Fast Track FinTech category specifically celebrates companies ranked in the previous IDC FinTech Rankings program that have noticeably grown year over year.
SLR Business Credit Closes New $2MM Credit Facility for Quantori
SLR Business Credit ("SLRBC") completed a $2 million credit facility for Quantori. Based in Cambridge, Massachusetts, Quantori is a comprehensive digital IT service provider for the life sciences and healthcare sectors. Quantori excels in developing innovative software for the pharmaceutical industry and driving advanced strategies in the world of the big data revolution.
Oak Hill Advisors Agents Private Unitranche Financing Supporting Carlyle’s Acquisition of Worldpac
Oak Hill Advisors (“OHA”) served as Administrative Agent and Lead Left Arranger of a private unitranche facility to support Carlyle’s acquisition of Worldpac, Inc., a formerly fully owned subsidiary of Advance Auto Parts, Inc. Worldpac is a national distributor of original equipment and quality aftermarket replacement automotive parts, primarily to independent service professionals.
Big Lots Enters into Sales Agreement with Nexus Capital Management
Big Lots has entered into an agreement (the "Sale Agreement") with an affiliate of Nexus Capital Management LP, pursuant to which Nexus has agreed to acquire substantially all of the Company's assets and ongoing business operations. To facilitate the transaction, the Company, together with each of its subsidiaries, initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
CIBC Announces Executive Appointments
CIBC President and CEO Victor Dodig announced senior leadership appointments that position the bank to continue executing on its client-focused strategy and build on its momentum in creating sustainable value for all stakeholders. "We're driving strong, consistent performance across our bank, enabled by a leadership team with a broad view of our clients' needs and a connected culture to bring the best of CIBC to our clients," said Victor Dodig, President and CEO, CIBC.
CohnReznick Adds Two New Leaders to Valuation Advisory Practice
CohnReznick announced that two new principals have joined its valuation advisory services practice. Brad Hirsch, ABV, will serve as the practice leader and Anthony Doughty, CFA, joins as a principal. Both Hirsch and Doughty are based in Chicago and have extensive experience involving financial, tax-related, and asset-based valuations across the public and private sectors.
Tradewind Finance Provides Credit Facilities to Two Bulgarian Trading Companies
Tradewind Finance announced credit facilities for two trading companies based in Bulgaria that specialize in fertilizer products. The facilities are providing working capital for growth and expansion. Tradewind’s factoring solutions are used by businesses to speed up cash flow, conduct trade seamlessly, and to grow. In one of the arrangements announced today, Tradewind delivered a domestic factoring facility for a client to support their fertilizer sales within Bulgaria.
Sallyport Provides $1.25MM AR Financing to Logistics Company in Hawaii
Sallyport Commercial Finance successfully funded $1,250,000 in Accounts Receivable (AR) financing for a transportation and logistics company based in Hawaii. This essential business, a key player in Hawaii's logistics market, initially sought funding to consolidate high-interest, Merchant Cash Advance (MCA) debt that had accumulated over time.
ABL Deal: First Citizens Bank Co-Lead Arranges $300MM Credit Facility for Swift Current Energy
Home / Deal Tables / Deal List / Deal Details The ABL Advisor Deal Tables First Citizens Bank Co-Lead Arranges $300MM Credit Facility for Swift Current Energy Monday, September 9, 2024 Lenders/Participants First Citizens Bank [Co-Lead Arranger] Structure Senior Secured Credit Facility Amount $300.000 Million Borrower(s) Swift Current Energy Description The financing will provide flexible growth capital as Swift Current pursues development of 10 GW gigawatts of wind, solar and energy storage...
Red Lobster Receives Court Approval of Chapter 11 Plan; Nears Exit of Bankruptcy
Red Lobster Management LLC, along with its direct and indirect operating subsidiaries, owner and operator of the Red Lobster restaurant chain, has received court approval of its Chapter 11 plan. As part of the Chapter 11 plan, RL Investor Holdings LLC will acquire the Red Lobster® restaurant chain from the Company. RL Investor Holdings LLC is an entity created by funds managed by affiliates of Fortress Investment Group LLC ("Fortress"), alongside co-investors TCW Private Credit and Blue Torch.
Gordon Brothers Provides Revolving Credit Facility to Support Hammacher Schlemmer Acquisition
Gordon Brothers provided a revolving credit facility to support S5 Equity’s acquisition of Hammacher Schlemmer. As part of the acquisition, S5 Equity plans to strengthen the 170-year-old catalog retailer’s customer experience and loyalty while continuing to shift the catalog business to its e-commerce platform.
Cambridge Savings Bank Promotes Carey to Senior Vice President, Chief Financial Officer
Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $7 billion in assets, announced that Daniel Carey has been promoted to Senior Vice President, Chief Financial Officer (CFO). Previously the Head of Finance and Accounting, Carey has been with the bank since 2022 and has nearly 16 years of progressive experience working in the banking and accounting fields.
eCapital Provides $10MM Credit Line to Home Healthcare and Hospice Company
eCapital funded a $10 million secured revolving line of credit for a growth-oriented home healthcare and hospice organization in California. This financing will enable the company to strengthen its financial position as it continues to provide essential healthcare services. The company sought refinancing after facing limitations with its previous lender, prompting it to explore alternative financing solutions.
National Business Capital Partners with Construction Factoring Company on $1MM Revenue-Based Funding
As the world has returned to in-person events, companies that support these events are experiencing growth and demand for their services. A construction company that builds and stages venues for large conferences recently approached a factoring partner of National Business Capital (NBC) for financing to support a significant level of outstanding bids and pipeline contracts.
Tighe, Kress & Orr Combines with EisnerAmper
EisnerAmper announced that the partners and colleagues of Elgin, IL-based, CPA firm Tighe, Kress & Orr, P.C. (“TKO”) are joining EisnerAmper in a combination expected to close in October 2024. Founded in 2007, and with offices in Chicago and Elgin, Illinois, TKO has five principals and approximately 100 colleagues. The firm provides tax, accounting, advisory, and assurance services to startups through mid-market enterprises.
NXT Capital Closes Senior Credit Facility Supporting Bansk Group’s Acquisition of Foundation Wellness
NXT Capital closed a senior credit facility in support of Bansk Group’s acquisition of Foundation Wellness. NXT Capital acted as Joint Lead Arranger, Collateral Agent, and Administrative Agent on this transaction.
First Citizens Bank Arranges $115MM in Financing for Illinois Skilled Nursing Facilities
First Citizens Bank's Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states.
ABL Deal: National Business Capital Provides $1MM in Subordinated Debt Financing to Construction Factoring Company
Home / Deal Tables / Deal List / Deal Details The ABL Advisor Deal Tables National Business Capital Provides $1MM in Subordinated Debt Financing to Construction Factoring Company Friday, September 6, 2024 Lenders/Participants National Business Capital [Lender] Structure Subordinated Debt Financing Amount $1.000 Million Borrower(s) Undisclosed - Construction Factoring Company Description NBC extended $1MM in Sub Debt to support the client’s growth needs, subordinating its position to that of...
Commercial Bankruptcy Filings Increase 9% Year-over-Year
Overall commercial bankruptcy filings increased 8 percent in August 2024 to 2,562 from 2,358 in August 2023, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data. August 2024 commercial chapter 11 filings decreased 3 percent to 616 from the 635 filings in August 2023. The number of distressed small businesses electing to file for subchapter V of chapter 11 of the U.S. Bankruptcy Code increased 5 percent to 185 last month from 176 registered in August 2023.
Huntington Business Credit Closes $18MM in New Credit Facilities with Garick
Huntington Business Credit closed $18,000,000 in new credit facilities with Garick, LLC on August 9, 2024. Proceeds of the facility were used to facilitate the acquisition by the original founder, refinance existing debt, and provide ongoing working capital financing. Garick, LLC, headquartered in Cleveland, Ohio, is a distributor and processor of renewable and sustainable natural resources products including bagged mulch, soil, growers’ mix, green roof media and stone mixes.
Bain Capital Credit Invests $1.8B Through Private Credit Group During H1/2024
Bain Capital Credit announced that the firm’s Private Credit Group invested $1.8 billion to support the growth of middle market and private equity-backed companies during the first half of 2024. Bain Capital Credit’s Private Credit Group made 43 investments across 21 industries in the first half of 2024, supporting the refinancing, leveraged buyout, and add-on acquisition activity of both new and existing portfolio companies.
Banc of California Expands Specialty Lending Team
Banc of California, a wholly owned subsidiary of Banc of California, announced that Chris Hague has joined the company as Executive Vice President and Head of Specialty Finance. In this role, Hague oversees the bank’s teams in Lender Finance, Asset-Based Lending (ABL), and Corporate Asset Finance and Commercial Aviation (CAF). Hague is also a member of the bank’s Senior Management Committee. Hague is based in Chicago and reports to Hamid Hussain, President of the bank.
nFusion Capital Provides Two Apparel Companies with Factoring Facilities
nFusion Capital was able to assist two apparel companies along their growth trajectory recently. Alexandra Scoggin, nFusion’s Senior Executive Vice President, has deep expertise in the apparel industry and has spent two decades working with businesses to understand their working capital needs and provide customized financing solutions.
Business Owners Optimistic About Economy, PNC Survey
PNC's latest semi-annual survey of small and mid-sized businesses, which concluded Aug. 6, indicates that business owner optimism remains high, lending support to PNC's forecast of a soft landing for the U.S. economy. A majority (56%) of business owners are highly optimistic about the national economy, inching above the 55% of last spring and up significantly from 34% a year ago. Six in 10 (62%) are optimistic about their local economy.
Trinity Capital Provides $50MM in Growth Capital to LightForce
Trinity Capital committed $50 million in growth capital to LightForce, makers of the world's first fully personalized 3D printed braces system. LightForce specializes in personalized orthodontics, focusing on the development and production of 3D printed dental brackets.
Monroe Capital Supports RCap Equity Partners’ Investment in Northeast Contracting
Monroe Capital acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to support the majority recapitalization of Northeast Contracting Corp. (“NECC”) by RCap Equity Partners. Founded in 2002 and headquartered in Lorton, VA, NECC specializes in commercial roofing services, including re-roofing, installation, and repair & maintenance in the D.C., Maryland, and Virginia area.
ABL Deal: Huntington Business Credit Closes $18MM in New Credit Facilities for Garick
Home / Deal Tables / Deal List / Deal Details The ABL Advisor Deal Tables Huntington Business Credit Closes $18MM in New Credit Facilities for Garick Thursday, September 5, 2024 Lenders/Participants Huntington Business Credit [Lender] Structure Credit Facilities Amount $18.000 Million Borrower(s) Garick, LLC Description Proceeds of the facility were used to facilitate the acquisition by the original founder, refinance existing debt, and provide ongoing working capital financing.
Gibraltar Business Capital Provides $13MM ABL Facility to Integrated Beverage Group
Integrated Beverage Group (“IBG”), a Denver-based national marketer of branded wine and spirits and a top wine producer in Oregon, required a financing partner to provide more liquidity than its current bank working capital line of credit. IBG sells to various distributors, who sell to retailers such as Publix, Costco, and Trader Joe’s. The Company also sells wine directly to consumers through its wine clubs and tasting room.
Oak Hill Advisors Provides $250MM Term Loan to Emergent BioSolutions
Emergent BioSolutions closed a new credit facility agreement with Oak Hill Advisors for a term loan of up to $250 million.
KeyBanc Capital Markets Agents, Coordinates $285MM Debt Financing for Doral Renewables
Doral Renewables announced the successful close of a project debt financing package to support initial construction of the remaining phases of its Mammoth Solar complex located in Northern Indiana.
First Citizens Bank Arranges $145MM in Financing for Linea Energy
First Citizens Bank announced that its Energy Finance business served as lead arranger on $145 million in financing on behalf of Linea Energy LLC for the development of advanced renewable energy projects across the U.S. Established in 2002 and headquartered in San Francisco, California, Linea Energy is a renewables platform and independent power producer focused on the development, ownership, and operation of clean energy infrastructure.
Ares Commercial Finance Provides $25MM Credit Facility to Pegasus Home Fashions
Ares Commercial Finance provided a $25 million senior secured revolving line of credit to Pegasus Home Fashions Inc. The Company is one of the largest manufacturers and distributors of bedding products in the United States. Specializing in the manufacture of fiber and foam-filled bed pillows, the Company also wholesales a selection of ancillary bedding basics such as mattress pads, toppers, and pillow protectors.
Sallyport Provides $7MM AR Financing Enabling Seamless Article 9 Sale
Sallyport announced the provision of $7,000,000 in accounts receivable finance to support a strategic acquisition in the entertainment services industry. This new client, who successfully purchased the business - an existing Sallyport client, through an Article 9 Sale, chose Sallyport to ensure a seamless transition for existing debtors and customers.
Hedaya Capital Provides $3MM Letter of Credit Financing for Importers
The Hedaya Capital Group provided a $3.0 million letter of credit facility to a well-established consumer products brand selling direct to consumers through their own website. The company sells premium-quality, extra-soft pajamas for women, men, children and babies, and even matching pajamas for pet lovers to keep their dogs and cats warm and cozy. An investment firm quickly acquired the fast-growing business, planning to arrange permanent financing after the business stabilized.
ABL Deal: Ares Commercial Finance Provides $25MM Credit Facility to Pegasus Home Fashions
Home / Deal Tables / Deal List / Deal Details The ABL Advisor Deal Tables Ares Commercial Finance Provides $25MM Credit Facility to Pegasus Home Fashions Wednesday, September 4, 2024 Lenders/Participants Ares Commercial Finance [Lender] Structure Senior Secured Revolving Line of Credit Amount $25.000 Million Borrower(s) Pegasus Home Fashions, Inc.
First Citizens Bank Arranges Credit Facility Upsize for SG Credit Partners’ ABL Verticals
First Citizens Bank announced that its Asset-Based Lending business served as lead arranger in upsizing the credit facility for SG Credit Partners’ asset-based lending verticals comprised of SG Consumer Products and SG Commercial Finance, which focus on sponsor-backed CPG companies and the general lower middle market, respectively.
Lumio Files Chapter 11 with Stalking Horse Bid from Affiliate of White Oak Global Advisors
Lumio, a leader in personalized renewable energy, filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware to complete a value-maximizing sale process and strengthen its financial position. The Company anticipates completing the sale process in less than two months. During the sale process, the Company’s operations will continue as usual without interruption.
Briar Capital Real Estate Fund Provides $2.3MM Commercial Real Estate Loan to Tennis and Aquatic Recreational Facility
Briar Capital Real Estate Fund closed a new $2.3 million commercial real estate loan in Georgia to a Tennis and Aquatic Recreational Facility. The transaction was a refinance of a 6-year-old seller note where the seller desired to exit the debt to focus on other opportunities. Introduced to this prospect by Simple Commercial Capital, a boutique capital advisory firm, Briar Capital Real Estate Fund stepped in to quickly underwrite and close the transaction to meet an ambitious timeline.
Clarus Capital Completes $2.5MM Sale-Leaseback for Private Equity Backed Specialty Chemical Manufacturer
Clarus Capital successfully closed a $2.5 million sale-leaseback financing for a developer and manufacturer of specialty chemicals. This financing will generate working capital, reinforcing liquidity, and supporting the chemical manufacturer’s annual capital expenditures program.
Bank of America Securities Arranges $550MM Loan Facility for Zeta Global
Zeta Global, an AI-Powered Marketing Cloud, successfully closed a $550 million loan facility to refinance its existing debt and lower its credit spreads. This new debt is a combination of $200 million Term Loan A and a $350 million Revolving Credit Facility, which remains undrawn at the time of closing. BofA Securities, Inc. served as Lead Arranger and Bookrunner. MUFG, Key Bank, RBC, Truist, Citi, and Morgan Stanley are also participants in the facility.
Holland & Knight Continues Growth of Financial Services Team, Adds Libretta in New York
Holland & Knight has strengthened its Financial Services Team with the addition of Paul Libretta as a partner in New York. Libretta represents issuers, investors, borrowers, lenders, sellers, buyers, hedge funds, private credit funds and other financial institutions in connection with structured finance, securitizations and asset-backed lending transactions. He was previously of counsel at Winston & Strawn. “We are delighted to welcome Paul to our Financial Services Team.
CapitalPlus Provides Working Capital Facility to Alabama-Based Concrete Contractor
CapitalPlus Financial Services successfully assisted a concrete and rebar contractor based in Alabama with a $460,000 facility to support their working capital needs. This strategic funding has enabled the contractor, who is actively engaged in commercial and public projects across the Southeast, to continue expanding their business without the financial strain of delayed payments.
ABL Deal: Bank of America Securities Arranges $550MM Loan Facility for Zeta Global
Home / Deal Tables / Deal List / Deal Details The ABL Advisor Deal Tables Bank of America Securities Arranges $550MM Loan Facility for Zeta Global Tuesday, September 3, 2024 Lenders/Participants Bank of America Securities [Lead Arranger, Bookrunner] Structure $200MM Term Loan A; $350MM Revolving Credit Facility Amount $550.000 Million Borrower(s) Zeta Global Description Loan facility to refinance its existing debt and lower its credit spreads.
Bank of America, Fifth Third Bank Arrange $390MM Senior Credit Facility for Alaska Communications
Alaska Communications, a provider of mission-critical and life-critical communications infrastructure in Alaska, announced a major financial advancement with the establishment of a new five-year $390 million senior secured credit facility. The funds will be used to repay existing debt and to further invest in expanding the company’s fiber infrastructure across the state. Bank of America and Fifth Third Bank acted as Joint Bookrunners and Joint Lead Arrangers.
First Business Bank Funds $2MM Factoring Facility for Facility Services Provider
First Business Bank's Accounts Receivable Financing group announced the funding of a $2 million factoring facility for a facility services provider. This new client provides various maintenance services for corporate clientele. “We are pleased to be able to support our new client as they continue on their growth track,” said Bill Elliott, President - Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank.
10 Moritt Hock & Hamroff Lawyers Named Best Lawyers in America & Best Lawyers Ones to Watch in America
Best Lawyers in America has recognized 10 Moritt Hock & Hamroff lawyers in its 2025 edition. Seven lawyers were included in The Best Lawyers in America and three lawyers were included in The Best Lawyers: Ones to Watch in America. Best Lawyers in America Ted A. Berkowitz – Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law and Litigation – Bankruptcy Michael Calcagni – Litigation – Trusts and Estates Andrew B.
Breslin, Young & Slaughter Expands into Traditional ABL Due Diligence
Breslin, Young & Slaughter (BY&S) has made a significant move by expanding into Traditional Asset Based Lending due diligence. This new initiative reflects the copmpany's commitment to leveraging its experience, expertise, and dedication in the Healthcare Lending environment and applying it to the broader ABL sector.
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