Posts Tagged ‘middle market’

Victory Park Capital Expands into Real Estate Sector with Investment in Renovo Financial | Business Wire

CHICAGO–(BUSINESS WIRE)–Victory

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

their businesses.”

“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.

Be the first to comment - What do you think?  Posted by admin - August 12, 2017 at 5:08 am

Categories: Uncategorized   Tags: , , , , , , , , ,

Piper Jaffray Strengthens Its Municipal Trading and Banking in New York | Business Wire

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

sales nationwide.

“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,

Minnesota 55402-7020

Be the first to comment - What do you think?  Posted by admin - July 11, 2017 at 9:32 am

Categories: Uncategorized   Tags: , , , , , , , , , ,

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

business.”

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 Businesses:

  • 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

    sales (28%).

  • 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

Seek Financing

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

order to:

  • 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

months.

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%).

Survey Methodology

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,

visit www.OPEN.com.

Be the first to comment - What do you think?  Posted by admin - at 5:43 am

Categories: Uncategorized   Tags: , , , , , , ,

Fifth Third Bank and Viewpost Collaborate to Eliminate Paper Checks | Business Wire

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

lacking.”

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.

About Viewpost

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.

blog.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.

Member FDIC

Be the first to comment - What do you think?  Posted by admin - March 27, 2017 at 1:51 am

Categories: Uncategorized   Tags: , , , , , , , , , , ,