Posts Tagged ‘park capital’

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.

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Nephros, Inc. Enters Into Purchase Agreement with Lincoln Park Capital Fund, LLC | Business Wire

RIVER EDGE, N.J.–(BUSINESS WIRE)–Nephros, Inc. (OTCBB:NEPH), a commercial stage medical device company

that develops and sells high performance liquid purification

ultrafilters and an on-line mid-dilution hemodiafiltration (“HDF”)

system for use with a hemodialysis machine for the treatment of patients

with end stage renal disease, announced today that it has entered into a

purchase agreement with Lincoln Park Capital Fund, LLC (“LPC”), a

Chicago-based institutional investor. Under the terms of the purchase

agreement, over a 36-month term, Nephros will have the right and the

sole discretion to sell to LPC up to $10 million worth of shares of

Nephros common stock in amounts as set forth in the agreement. Nephros

will control the timing and amount of any future investment and LPC will

be obligated to make purchases in accordance with the agreement.

“We are pleased to enter into this purchase agreement with LPC, an

existing investor in Nephros,” commented Daron Evans, CEO of Nephros.

“This commitment provides us with a vehicle for accessing capital as we

target profitability through growth in our filter business.

Additionally, we will be able to continue to work with our strategic

partners to treat patients with our HDF system, growing our experience

in the commercial setting.”

There are no upper limits to the price LPC may pay to purchase common

stock from Nephros and the purchase price of the shares related to any

future investments will be based on the prevailing market prices of the

Company’s shares immediately preceding the notice of sale to LPC. LPC

has agreed not to cause or engage in any manner whatsoever, any direct

or indirect short selling or hedging of the Company’s shares of common

stock. In consideration for entering into the agreement, Nephros has

issued shares of common stock to LPC as a commitment fee. The agreement

may be terminated by Nephros at any time, at its sole discretion,

without any monetary cost.

Under the terms of the purchase agreement and related registration

rights agreement, Nephros has agreed to file a registration statement

with the U.S. Securities and Exchange Commission (SEC) covering the sale

of the shares that may be issued to LPC.

A more detailed description of the agreement is set forth in the

Company’s Current Report on Form 8-K recently filed with the SEC which

the Company encourages be reviewed carefully.

This press release does not constitute an offer to sell or a

solicitation of an offer to buy the securities in this offering, nor

will there be any sale of these securities in any jurisdiction in which

such offer solicitation or sale are unlawful prior to registration or

qualification under securities laws of any such jurisdiction.

About Nephros, Inc.

Nephros is a commercial stage medical device company that develops and

sells high performance liquid purification filters, as well as a

hemodiafiltration system for the treatment of patients with end stage

kidney disease. Its filters, which it calls ultrafilters, are primarily

used in dialysis centers for the removal of biological contaminants from

water, bicarbonate concentrate and/or blood.

Nephros was founded in 1997 by healthcare professionals affiliated with

Columbia University Medical Center/New York-Presbyterian Hospital to

develop and commercialize a hemodiafiltration system, an alternative

method to hemodialysis. Since its founding, the company has extended its

filtration technologies to meet the demand for liquid purification in

other areas, in particular water purification.

For more information about Nephros and its products, please visit the

company’s website at www.nephros.com.

About Lincoln Park Capital (“LPC”)

LPC is an institutional investor headquartered in Chicago, Illinois.

LPC’s experienced professionals manage a portfolio of investments in

public and private entities. These investments are in a wide range of

companies and industries emphasizing life sciences, specialty financing,

energy and technology. LPC’s investments range from multiyear financial

commitments to fund growth to special situation financings to long-term

strategic capital offering companies certainty, flexibility and

consistency. For more information, visit www.lpcfunds.com.

Forward-Looking Statements

This release contains forward-looking statements that are subject to

various risks and uncertainties. Such statements include statements

regarding Nephros’ plan to access capital under its agreement with

Lincoln Park, and other statements that are not historical facts,

including statements which may be accompanied by the words “intends,”

“may,” “will,” “plans,” “expects,” “anticipates,” “projects,”

“predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or

similar words. Actual results could differ materially from those

described in these forward-looking statements due to certain factors,

including Nephros’ ability to satisfy the conditions required to require

Lincoln Park to access capital under the parties’ agreement, changes in

business, economic and competitive conditions, regulatory reforms, and

foreign exchange rate fluctuations. These and other risks and

uncertainties are detailed in Nephros Inc.’s reports filed with the U.S.

Securities and Exchange Commission, including with respect to Nephros,

its Annual Report on Form 10-K for the year ended December 31, 2014.

Nephros, Inc.does not undertake any responsibility to update the

forward-looking statements in this release.

Be the first to comment - What do you think?  Posted by admin - March 31, 2017 at 8:29 pm

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