ASSOCIATION NEWS, NEW VENTURES & INDUSTRY NEWS

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ASSOCIATION NEWS

Over 800 Attend 25th Annual IFA Conference IN SAN DIEGO

THE INTERNATIONAL FACTORING ASSOCIATION once more completed a successful Factoring Conference this past April in San Diego.

Held at the Manchester Grand Hyatt, the conference hosted 800 attendees and 50 vendor booths and packed in over 30 total events, including six roundtables and 10 networking events. 

“This year’s conference was a total success and we could not be any happier,” said IFA Executive Director Bert Goldberg. “The vibrant energy from attendees showed that they were enjoying the countless opportunities to learn and socialize with others in the industry. We have received numerous reviews on the top-rated speaking sessions, which proves that the IFA Annual Conference is the utmost event to attend in our industry to grow your business. Attendees also took advantage of all of the networking time to create new business opportunities and strengthen peer connections throughout the industry. The IFA is looking forward to continuing to build and grow on this momentum and provide an even more impressive event next year.”

The IFA’s 2020 annual conference will be held April 22-25 at the Omni Nashville in Nashville, TN.

NEW VENTURES

Burnley Capital Launches as Middle Market Lending Platform

Finance industry veterans Daniel O’Rourke and James Cullen have partnered with Blackburn Investment Management to launch Burnley Capital, a lower middle-market asset-based lending platform.

Signature Bank Forms National Venture Banking Group

Signature Bank has formed a national Venture Banking Group to focus on serving venture capital firms and the portfolio companies in which they invest.

Super G Capital Spins Out SG Credit Partners

Super G Capital spun out its cash flow, technology and special situations lending division to create a pure-play, lower middle market specialty finance company, SG Credit Partners.

Utica Launches New Equipment Finance Firm Led by GE Capital Vet

Utica Leaseco formed an affiliate company, Utica Equipment Finance, which will offer equipment-based term loans and leases to companies throughout North America and will be led by co-founder Ed Stolarski as president.

BB&T Veteran to Oversee New FNB Loan Production Office in Philly

First National Bank will open a new regional loan production office in Philadelphia to facilitate additional business opportunities for the bank’s commercial and lending services.

INDUSTRY NEWS

VCP Agents $175MM Global Recap of Meltwater

Vista Credit Partners served as administrative agent and sole lender for a $175 million global recapitalization for Meltwater.

LIBOR’s End Looms but Lenders Still Search for Replacement

As the 2021 end of the LIBOR approaches, banks, accountants and regulatory bodies are still struggling to find a replacement standard that is immune to the same manipulation that brought about LIBOR’s demise.

After Consumer Scandals, Wells Fargo Struggles to Recruit Corporate Clients

Three years after a sales practice scandal rocked the bank, Wells Fargo is struggling to recruit new clients for its corporate bank, according to a new report from Reuters.

Hercules Capital CEO Steps Down After Charge in College Admissions Scheme

Hercules Capital CEO Manuel Henriquez has voluntarily stepped aside as the firm’s chairman and CEO as a result of his alleged involvement in the college admissions cheating scandal. 

Shelton Joins Great American as Managing Director, Appraisals

Great American Group Advisory & Valuation Services appointed GE Capital veteran Stephen Shelton managing director with the firm’s appraisal business in New York.

CIT Finances Macquarie Renewable Power Battery Storage Project

CIT Group completed a third round of financing for an innovative battery-based energy storage project that helps facilitate greater use of renewable energy in Southern California.

Encina Provides $57MM Revolver to Concrete Manufacturer

Encina Business Credit provided a $57.5 million senior secured revolving credit facility to a manufacturer and supplier of concrete construction products.

Wells Fargo Details Plan to Rebuild and Transform

Wells Fargo provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new progress report.

InterNex Capital Provides $3.5MM in Revolvers to Four Clients

InterNex Capital recently completed several transactions comprised of revolving lines of credit powered by their underwriting technology and analytics.

TD Bank Leads FirstService $100MM Revolver Upsize

FirstService has expanded its revolving credit facility by $100 million. The increased commitments under the facility were substantially oversubscribed by a syndicate of 10 banks led by TD Bank.

Northern Trust Appoints Hayes Director of Community Affairs

Northern Trust appointed Shana Hayes director of community affairs. Hayes will report to chief marketing and communications officer Kelly Mannard.

Encina Provides $15MM Revolver to Oil Field Company

Encina Business Credit has provided a $15 million senior secured revolving credit facility to an oil field services company.

Deloitte Appoints New Chairs and CEOS

Deloitte has appointed Lara Abrash as chair and CEO of Deloitte & Touche, leading Deloitte’s U.S. Audit & Assurance practice; Dan Helfrich as chairman and CEO of Deloitte Consulting and John Peirson as CEO of Deloitte Risk and Financial Advisory. •