Victory Park Capital Expands into Real Estate Sector with Investment in Renovo Financial | Business Wire
Park Capital (VPC), an asset management firm focused on middle
market debt and equity investments, announced today that it will make a
$50 million investment, with a $100 million potential upsize, in Renovo
Financial, a Chicago-based private lending company that assists
rehabilitation investors in acquiring, renovating and selling/renting
residential properties. The investment will refinance Renovo’s existing
portfolio, finance loan portfolio growth and support expansion into new
markets outside of the Chicagoland counties.
“Renovo’s market leadership in the Chicagoland area, experienced
management team and industry knowledge are exceptional,” said Tom
Affolter, partner at VPC. “We believe this is an opportunistic time to
partner with Renovo to help provide loans in the underserved residential
rehab lending space and expand into new markets.”
Founded in 2011 by Kevin Werner, CEO of Renovo, and Granite Creek
Partners, a Chicago-based private equity firm, Renovo originates
short-term rehab loans and long-term landlord loans to creditworthy and
experienced residential rehab investors enabling them to reduce their
cost of capital as well as efficiently acquire and sell properties at
highly attractive rates of return. After building a robust
infrastructure and experienced management team over the last three
years, Renovo will use the funding to accelerate growth initiatives and
diversify its product offerings to better serve its customers.
Werner said, “Our goal for Renovo is to play an active role in
addressing the funding needs of the residential rehab community. The
massive dislocation in the credit markets during the recession provided
an opportunity for a specialized finance company, like Renovo, to
provide capital to creditworthy residential rehabbers. In partnering
with VPC, we are pleased to have secured a large amount of capital to
fulfill the needs of our borrowers as they continue to enjoy success in
“We are excited to team up with a firm as knowledgeable and experienced
in the specialty lending industry as VPC to continue to scale our
business,” added Mark Radzik, partner at Granite Creek. “With our
seasoned leadership and VPC’s expertise, we are confident Renovo is well
positioned to drive future growth.”
About Victory Park Capital
Victory Park Capital (VPC) is a privately held registered investment
advisor dedicated to alternative investing through the management of its
investment funds. As specialists in credit and private equity
investments, VPC focuses on middle market companies across a diversified
range of industries. Whether as a lender or a control investor, VPC
seeks to identify opportunities where it believes the potential for
reward outweighs the risks entailed. Founded in 2007, VPC is
headquartered in Chicago with additional resources in Los Angeles, New
York and San Francisco. For more information visit: http://www.victoryparkcapital.com.
About Renovo Financial
Renovo is a rapidly growing specialty finance business designed to
capitalize on the significant market opportunity in providing capital to
residential real estate investors. Founded in 2011, Chicago-based Renovo
is the premier provider of financial and strategic support for real
estate investors and property rehabbers who invest in and rehab
single-family and small multi-family properties. Renovo powers the
growth of its customers’ businesses and the communities they serve by
providing timely capital, responsive customer service, and assistance in
all phases of a project for its clients. Renovo’s clients are
experienced rehab investors and project managers, whose goals are to
redevelop properties to buy, fix, and flip for a short-term profit or
buy, fix and hold as a part of a long-term portfolio. Renovo’s
high-touch service, expert advice, and speed combined with flexible and
innovative loan products allow its borrowers to commit to and undertake
projects with confidence. Renovo typically funds small to mid-sized
projects up to $1 million. For more information visit: http://www.renovofinancial.com.
About Granite Creek Partners
Granite Creek Partners is a Chicago-based investment firm founded in
2005 that provides equity and debt capital to public and private
companies and innovative specialty finance for underserved industries.
Granite Creek pursues situations where a flexible investment approach
can deliver unique and highly customized solutions across an array of
investment types. With a focus on investing in fundamentally sound
U.S.-based middle market companies, Granite Creek looks to accelerate
the building of its portfolio companies through global expansion, add on
acquisitions and access to growth capital. For more information visit http://www.granitecreek.com.
NEW YORK–(BUSINESS WIRE)–Piper Jaffray & Co. strengthened its public finance banking and
municipal trading expertise with three recent hires. John Coan has
joined Piper Jaffray as managing director to focus on large issuer
business on the East Coast and expand the firm’s presence in the
transportation sector. Coan has more than 15 years industry experience
and was most recently with Bank of America.
“We are pleased to have John join our Public Finance team and feel he
will be a key to our expansion in the transportation sector,” said Frank
Fairman, head of public finance at Piper Jaffray. “John’s history of
working with clients to find financial solutions is a great cultural fit
with our firm.”
Piper Jaffray recently hired Joanna Brody as a principal to head short
term institutional fixed and variable rate trading and underwriting.
Brody has more than 15 years industry experience and was most recently
at UBS Securities where she oversaw a $55 billion variable rate program.
She was also a member of capital markets executive team and a crisis
management team leader.
Additionally, Piper Jaffray hired Zach Tucker who joins the firm as an
assistant vice-president and institutional taxable municipal trader.
Tucker joins Piper Jaffray from Citigroup where he was a taxable
municipal trader and coordinated trading with retail, middle market and
institutional clients. He will be working closely with the underwriting
and sales teams as well as the institutional taxable and middle market
“As we expand our large issuer business, we felt that Joanna’s industry
experience and leadership would assure that we continue to offer our
clients the most effective variable rate financing and pricing
solutions,” said Brad Winges, head of fixed income services at Piper
Jaffray. “We believe that the taxable municipal market will grow
significantly, and the addition of Zach will enhance our expertise for
issuers and our buy-side clients.”
All three of the new hires will work out of the firm’s New York office.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading, international middle
market investment bank and institutional securities firm, serving the
needs of middle market corporations, private equity groups, public
entities, nonprofit clients and institutional investors. Founded in
1895, Piper Jaffray provides a comprehensive set of products and
services, including equity and debt capital markets products; public
finance services; mergers and acquisitions advisory services; high-yield
and structured products; institutional equity and fixed-income sales and
trading; and equity and high-yield research. Piper Jaffray headquarters
are located in Minneapolis, Minnesota, with offices across the U.S. and
in London, Hong Kong and Shanghai. Piper Jaffray & Co. is the firm’s
principal operating subsidiary. (www.piperjaffray.com)
Since 1895. Member SIPC and FINRA.
© 2009 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis,
Categories: Uncategorized Tags: business wire, fixed income, industry experience, middle market, minneapolis minnesota, municipal trader, piper jaffray, public finance, taxable municipal, variable rate, years industry
Small Businesses and Middle Market Companies Agree Growth is the Top Priority, Says American Express Business Growth Pulse | Business Wire
NEW YORK–(BUSINESS WIRE)–Small businesses and middle market companies in the U.S. are in growth
mode, according to the American Express Business Growth Pulse. The
survey found that ninety-two percent of middle market firms ($10M -$1B
in revenues) and eighty percent of small businesses (with less than 100
employees and at least $250,000 in revenue) say growth is the top
priority for their firms. A greater number of middle market companies
anticipate their businesses to grow in the next quarter, with more than
one-in-five of these firms (22% vs. 7% of small businesses) saying they
expect their companies will be “expanding by leaps and bounds.”
However, the road to growth is not free from obstacles. Challenges exist
regardless of business size and vary accordingly. Although the biggest
hurdle to growth is acquiring new customers for small businesses (22%),
middle market companies’ biggest challenges encompass issues that are
outside their control, including managing the rising costs of doing
business and increasing competition (each, 14%).
“Although small businesses and middle market companies are both focusing
on growth, they are taking different paths to expansion,” said Susan
Sobbott, president, American Express Global Commercial Payments. “Small
enterprises will look to grow by acquiring new customers while middle
market companies will look to expand by both acquiring new customers as
well as making infrastructure and equipment investments in their
While acquiring new customers presents a challenge to growth for many,
small businesses view this action as their primary path to growth (39%).
Middle market companies however are saying that both acquiring new
customers and increasing investments in infrastructure and equipment
would most help them grow (each, 15%).
Cash Flow Proves a Challenge; Middle Market Concerns Linked to Growth
Cash flow issues present another obstacle as businesses manage their
day-to-day operations and strive for long term growth. Cash flow
concerns are higher among middle market companies (65%) than small
businesses (49%), with one-in-five middle market companies (20%) saying
they are ‘very concerned’ (versus 8% of small businesses).
Middle Market Companies:
Over the last quarter, nearly half of middle market companies (46%)
say they experienced a cash flow crunch and nearly three-in-ten (28%)
attribute their cash flow issues to investments in the business.
Looking ahead, nearly four-in-ten (39%) middle market companies expect
the ability to invest in long-term growth to be their greatest cash
flow concern next quarter.
Small business cash flow concerns are more likely to be related to
day-to-day management of the business rather than plans for growth.
Looking back several months, more than one-quarter of small businesses
(27%) say they experienced a cash flow crunch. They attribute their
cash flow issues in the previous quarter to an unexpected decrease in
Further, small businesses (25%) expect collecting accounts receivable
to be the biggest cash flow worry next quarter.
When they experience a cash shortage, the primary method middle market
businesses (23%) will use to obtain funds is to take out a business line
of credit. Small businesses will dip into cash reserves (23%).
Long Term Growth Drives Financing Hunt; Middle Market Most Likely to
Growth is the main driver behind business’s quest for financing.
According to the survey, the main reason small and middle market
businesses would consider securing additional financing for their
companies is in order to pursue a long term growth plan (31%). The top
three reasons to seek additional financing vary by size of the business:
Small businesses say they would consider seeking additional financing in
Pursue a long term growth plan (26%)
Get through short-term seasonal swings/business downturns (20%)
Take advantage of a short term growth opportunity (19%)
Middle market firms’ reasons for considering additional financing
include being able to:
Pursue a long term growth plan (41%)
Take advantage of a short term growth opportunity (33%)
Invest in marketing, advertising or PR (33%)
Hire new employees (33%)
Offer a new line of products or services (33%)
Make capital investments the company has been putting off (32%)
Significantly more middle market companies (60%) compared to small
businesses (25%) anticipate the need to pursue financing in the next 12
When evaluating different business financing options, the most important
decision-making factor for small businesses (74%) is the rates/fees
charged. Middle market businesses say the most important decision-making
factor when evaluating business financing options is ensuring that their
data is protected against security breaches (61%), followed closely by
full disclosure of loan details and rates/fees (60%).
The American Express Business Growth Pulse is the first in a series of
surveys examining topics related to business growth for both small
businesses and middle market companies. The study is based on a
nationally representative sample of 1,000 U.S. small business
owners/managers, defined for the purposes of this survey as companies
with fewer than 100 employees and annual revenues of $250,000 or
greater, and 501 middle market companies, defined for the purposes of
this survey as companies ranging in size from $10 million to $1 billion
in annual revenues. The anonymous survey was conducted online among
financial decision makers, owners and managers by Teneo Strategy May
18-27, 2016. The poll has a margin of error of +/- 2.6% at the 95% level
of confidence for the total combined sample of 1501, a margin of error
of +/- 3.1% at the 95% level of confidence for the small business sample
of 1000 and a margin of error of +/- 4.4% at the 95% level of confidence
for the sample of 501 middle market companies.
About American Express Global Commercial Payments
Through its Global Commercial Payments division, American Express offers
a suite of payment and lending products that help businesses and
organizations of all sizes gain financial savings, control and
efficiency. Global Commercial Payments provides solutions for travel and
everyday business spending, cross border payments, global currency
solutions, and business financing.
To learn more about Global Commercial Payments visit business.americanexpress.com.
To learn more about American Express OPEN, which provides products and
services for small businesses and entrepreneurs in the United States,
ORLANDO, Fla.–(BUSINESS WIRE)–Viewpost North America (Viewpost) today announced a collaboration with
Fifth Third Bancorp. Fifth Third’s middle market customers will be
introduced to Viewpost by referral. In addition to securely connecting
their bank account to the Viewpost network, customers will connect with
trading partners to exchange electronic payments and invoices with
unprecedented speed and efficiency, as well as arrange early payment
discounting. This partnership further expands a singular effort by
Viewpost to make everyday business simple, electronic and fast for
businesses of all sizes.
“We’re pleased to collaborate with Fifth Third,” said Max Eliscu,
Founder and CEO of Viewpost. “Much of my career has focused on financial
services working with Middle Market businesses, so I’ve come to
understand, with deep insight, the barriers and inefficiencies they face
when sending and receiving invoices and payments. Joining our network
will allow them to eliminate these inefficiencies while improving their
supplier and customer relationships.”
Fifth Third will make this network available to existing customers to
further advance optimization of payments. The Viewpost network will
enable them to securely connect with any trading partner to send,
receive and manage electronic invoices and payments. To date, over $24
Billion in payables data has been exchanged over Viewpost.
“Fifth Third is pleased to bring an innovative solution to our customers
looking to improve their payment experience,” said Randy Koporc, EVP and
head of Payments and Commerce Solutions at Fifth Third. “We are pleased
to be one of the first banks to collaborate with Viewpost in this way.
Their unique approach to electronic payments and invoice management
provides a solution to midsized businesses that the market has been
In September of 2014, Fifth Third announced the formation of the
Payments and Commerce Solutions division. The new division was created
to rethink the payment and commerce experience with innovation that
delivers greater value to customers.
Viewpost offers a secure network that eliminates the usual barriers to
adoption, such as cost complexity, incentive and lack of technological
resources. Connecting to the network and using the service requires no
purchase of new software or hardware, no consumption of IT resources,
and no change to existing business processes.
Viewpost North America believes time is precious and irreplaceable.
Viewpost brings visibility, efficiency and simplicity to the everyday
exchange of invoices and payments through a secure business network of
opportunities designed to empower any size business. Founded in 2011,
Viewpost is headquartered in Maitland, FL, with additional teams in
Boston, Minneapolis and Seattle. www.Viewpost.com.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. As of March 31, 2015, the Company had
$140 billion in assets and operated 15 affiliates with 1,303
full-service Banking Centers, including 101 Bank Mart® locations, most
open seven days a week, inside select grocery stores and 2,637 ATMs in
Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West
Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth
Third operates four main businesses: Commercial Banking, Branch Banking,
Consumer Lending, and Investment Advisors. Fifth Third also has a 22.8%
interest in Vantiv Holding, LLC. Fifth Third is among the largest money
managers in the Midwest and, as of March 31, 2015, had $308 billion in
assets under care, of which it managed $27 billion for individuals,
corporations and not-for-profit organizations. Investor
information and press
releases can be viewed at www.53.com.
Fifth Third’s common stock is traded on the NASDAQ® Global Select Market
under the symbol “FITB.” Fifth Third Bank was established in 1858.