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CRYSTAL FINANCIAL PROVIDES GROWTH CAPITAL FOR PEOPLE’S CARE HOLDINGS INC.

Boston, April 30, 2018

Crystal Financial LLC today announced the closing of a $15.0 million Senior Term Loan for People’sCare Holdings Inc. (“People’s Care”).

People’s Care Holdings Inc. (People’s Care) provides care services for adults with intellectualand development disabilities in the state of California and Nevada. Founded in 1998, theCompany operates over 52 residential homes as well as 14 community centers with dailyprogramming.

Proceeds from the financing will be used to consolidate the company’s existing debt facilities, and tofinance the expansion of the Company’s network of Group Residential Homes and Community DayCenters.

“Our company is committed to providing our clients and their families with choice, community anddignity through our independent living options and employment service programs for adults withdevelopmental disabilities. The needs for this population are often unmet and therefore we have beenfortunate to have experienced significant growth. Identifying a lending partner who understands ourmission and is supportive of our plans was critical.Crystal Financial clearly demonstrated theircommitment and we are confident in their ability to facilitate our growth,” said Michael Kaiser, Founderand CEO of Peoples Care.

Andrew Hettinger, Senior Managing Director of Crystal Financial said, “Michael and his team have builta terrific organization that delivers comprehensive programming and services to support an individual’spath to self-sufficiency. We look forward to a mutually beneficial long term partnership.”

About Crystal Financial LLC

Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial financecompany that provides senior and junior secured loans for both asset-based and cash flow financings(minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsiveprofessionals has underwritten, closed and managed more than $20 billion in secured debt commitmentsacross a wide range of industries. For more information please visit www.crystalfinco.com.

About Peoples Care Holdings Inc.

Founded in 1998 and headquartered in Chino Hills, California, PCHI is one of the largest providers ofresidential, daycare, and supported living services for people with intellectual and developmentaldisabilities (“I/DD”) in California. The Company provides services to over 1,000 clients and employsapproximately 1,300 people.- PCH currently operates 55 residential facilities with a total of 220 bed capacity, 12 day programs(30-50 person avg., ~750 total)., and also separately provides supported living and personalassistant services to approximately 180 individuals with I/DD.- PCH has an additional 6 residential facilities and 2 day centers completing buildout, licensing andentitlement process.- The Company also provides autism therapy services and behavior management to 170 clients.

CRYSTAL FINANCIAL LLC CONTACT

Cheryl Carner, Senior Managing Director617-428- 8718ccarner@crystalfinco.com

PEOPLE’S CARE HOLDINGS INC. CONTACT

Michael J. Kaiser13920 City Center Dr., Suite 290Chino Hills, CA 91709Tel: 909-287- 3557

 

CRYSTAL FINANCIAL ANNOUNCES PROMOTIONS

Boston, March 28th, 2018

Crystal Financial LLC a provider of innovative debt capital solutions to middle market companies is pleased to announce the promotions of five of its team members.  Cheryl Carner and Evren Ozargun have been promoted to Senior Managing Director.  Tyler Harrington and Kenny Smith have been promoted to Managing Director.  Case Fedor has been promoted to Assistant Vice President.

Ms. Carner is responsible for business development and the firm’s marketing strategy.  She sources, structures and underwrites senior and junior secured debt financings for middle-market companies seeking capital for acquisitions, growth capital, refinancings and/or restructurings.  Prior to joining Crystal, Cheryl served in business development roles at GE Franchise Finance, and CapitalSource where she led the Retail & Consumer specialty lending team.  Her 25 years of experience in the financial services sector, began with Fleet Retail Finance and its predecessor entities. Cheryl received her B.B.A. at the University of Massachusetts at Amherst and her M.B.A. at the F.W. Olin Graduate School of Business at Babson College.

Mr. Ozargun is a Team Leader at Crystal, and is responsible for managing a team of underwriters and portfolio managers, as well as working closely with Crystal’s business development officers in assessing and structuring new deal opportunities.  Evren joined Crystal in 2006 from Wells Fargo Retail Finance, where he was Director of Audit and Appraisal.  Previously, he worked as a Senior Project Coordinator at The Ozer Group and specialized in asset valuations and dispositions in various industries.  He received his B.S. from Babson College.

Since joining Crystal in 2010, Mr. Harrington has focused on underwriting and portfolio management and has been involved with many transactions within the specialty finance industry.  Before Crystal, Tyler worked at Cambridge Associates, a leading global investment firm that provides advisory, investment research, and investment management services across a number of asset classes. Tyler serves on the board member of the Turnaround Management Association’s Northeast Chapter.  He received a B.S. in Finance from Bentley University and is a CFA® charterholder.

Mr. Smith joined Crystal in 2011 and initially focused on underwriting and portfolio management.  In 2015 he became a business development officer and is responsible for sourcing and structuring new transactions from private equity sponsors and other referral sources.  Previously, he held roles at Breakaway Ventures, JMH Capital and BDC Capital.   Kenny serves on the boards of the Northeast Chapter of the Turnaround Management Association in addition to the New England Chapter of the Commercial Finance Association.  He received his B.A. from Harvard University and his M.B.A. at the F.W. Olin Graduate School of Business at Babson College.

Prior to joining Crystal’s Atlanta office in 2016, Mr. Fedor worked within the ABL Group at SunTrust Robinson Humphrey.  At Crystal, Case evaluates new transaction opportunities and provides research and analytical support on new underwritings in addition to portfolio management.  Case received his B.A. and M.B.A. from the University of Kentucky.

Steve Migliero, Co-CEO, Crystal Financial said, “Our organization’s ability to solve the needs of its clients who need capital for growth and other critical business objectives rests in the talents and dedication of our team.  Each of these individuals is an exceptional professional and has played a key role in Crystal’s growth.”

“Crystal’s success is very dependent on the hard work and commitment of our team members who consistently source, underwrite and manage complex debt transactions.  ”All of us at Crystal are fortunate to work with such terrific individuals and are confident that their abilities will play an important role in our continued success.” added Michael Pizette, Co-CEO, Crystal Financial.

 About Crystal Financial LLC

Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information, please visit www.crystalfinco.com.

 

CRYSTAL FINANCIAL LLC CONTACT

Cheryl Carner, Senior Managing Director

617-428-8718

ccarner@crystalfinco.com

CRYSTAL FINANCIAL PROVIDES FINANCING FOR STANDARD DIVERSIFIED OPPPORTUNITIES INC

Boston, March 7th, 2018

Crystal Financial LLC announced the closing of a $25.0 million Senior Credit Facility for Standard Diversified Opportunities Inc. (“SDOI”).

SDOI is a publicly-traded holding company (OTCPK: SDOIA), which invests directly in middle-market operating businesses.  To date, the Company’s investments include: a majority stake in Turning Point Brands (NYSE: TPB); an out-of-home advertising business with assets in Texas, Alabama, Florida and Georgia; and ownership of Maidstone Insurance Company, an auto, personal property and casualty insurance business, based in NY.

Proceeds from the financing will be utilized for further strategic acquisitions of operating businesses.    

“We believe there are ample opportunities to make attractive investments in this market. Yet our ability to do so is, in part, dependent on a financing partner that understands our investment thesis and vision.  Crystal Financial took a thoughtful approach to generate liquidity from our portfolio companies and created a loan structure designed to provide us with both flexibility and access to capital for future acquisitions,” said Greg Baxter, Executive Chairman, SDOI.

Ian Estus, SDOI’s President and CEO, added, “The SDOI platform provides a unique opportunity to acquire operating businesses using long-term capital vs. a traditional fund structure.  Crystal Financial quickly demonstrated an ability to understand the value of our assets and provide financing that aligned with our business. We are excited to be working with the Crystal team as we pursue additional acquisitions.”

Cheryl Carner, Senior Managing Director of Crystal Financial said, “SDOI has established an investment platform, consisting of a diversified group of middle-market operating businesses across consumer products, outdoor advertising and insurance.  We look forward to a long-term partnership with the SDOI team and facilitating continued diversification.”

About Crystal Financial LLC

Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.

About Standard Diversified Opportunities Inc.

Standard Diversified Opportunities Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including insurance, other tobacco products and outdoor advertising.  For more information about the Company, please visit the Company’s website at www.standarddiversified.com.

CRYSTAL FINANCIAL LLC CONTACT

Cheryl Carner, Managing Director
617-428-8718
ccarner@crystalfinco.com

STANDARD DIVERSIFIED OPPORTUNITIES CONTACT

Adam Prior
The Equity Group Inc.
Phone: (212) 836-9606
aprior@equityny.com

CRYSTAL FINANCIAL PROVIDES ACQUISTION FINANCING FOR STONE ROAD ENERGY

Boston, February 6th, 2018
Crystal Financial LLC today announced the completion of a $20.0 million Senior Credit Facility for Stone Road Energy (“SRE”). Headquartered in Bridgeton, ME, SRE is a leading provider of fuel delivery services for both the residential and commercial markets in Maine, Vermont, and New Hampshire.  SRE offers a variety of heating products including oil, kerosene, diesel, and propane.  In addition, they provide equipment maintenance and repair services. 

Proceeds from this facility will be used to refinance existing debt and build upon SRE’s proven track record of acquiring, integrating, and building on solid foundations.  

“A core component of our investment thesis is to consolidate this highly fragmented industry and therefore having a reliable source of capital to facilitate acquisitions is critically important.  Crystal differentiated themselves and stepped up to execute this financing in a very expedited time frame.  We are excited to be working with a group of such high caliber professionals,” said Bill Overbay, Partner, Stone Road Capital Partners.

Kenny Smith, Director of Crystal Financial said, “Since its initial acquisition in 2014, the Stone Road Capital team has made significant progress with their strategy.  We are delighted to be able to facilitate the continued growth of one of the leading heating distribution and servicing platforms in the Northeast.”

About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.

About Stone Road Energy
Stone Road Energy is a full service retail heating oil and propane supplier for residential and commercial customers.  Our portfolio consists of multiple brands in many regions, as we acquire local companies we retain their brand identity and presence in the communities they have served for many generations.
www.stoneroadenergy.com

About Stone Road Capital Partners
Stone Road Capital Partners is a private investment firm that specializes in the acquisition of private middle-market businesses and partners with corporate leadership to build companies of extraordinary value. We specialize in the acquisition of and investment in private middle market businesses.   Typically, we only invest in companies where we have deep domain expertise and can add significant value. We strive to be a true partner and sounding board to management and not a hurdle on the track,

Our goal is to work with management teams to take industry leading companies and build them into world class organization; that takes time and patience, resulting in significant value for shareholders and management teams.
www.stone-roadcap.com

 

CRYSTAL FINANCIAL PROVIDES FINANCING FOR CARite

Boston, January 10th, 2018

Crystal Financial LLC today announced the completion of a $45.0 million Senior Credit Facility for CARite Holdings, LLC (“CARite”). Headquartered in Madison Heights, MI, the company sells and leases previously owned vehicles through their network of owned and partnered CARite locations.  Through Brite Financial Services, LLC they provide access to lease financing options for consumers with limited or poor credit history.     

Proceeds from this facility will be used to refinance existing debt and to fund lease portfolio growth. 

“At CARite we are focused on making the car purchasing process a better experience through great selection, transparent pricing and multiple financing options.  At this important juncture in our Company’s history, it was critical that our first institutional debt capital partner understand our business and our goals.  Crystal’s extensive underwriting expertise in the specialty finance sector in addition to their creative structuring approach set them apart as we considered various options.  Finally, the inclusion of a delayed draw facility as part of the overall commitment will allow us to continue to expand our lease financing business with certainty. ” said John Neary, CEO, CARite

Steven A. Migliero, Jr, Co-CEO of Crystal Financial said, “John and his team have done a tremendous job building an organization that delivers a very strong consumer value proposition.  We are excited to help facilitate their future growth and continued success.”   

About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.

About CARite
Established in 2011, CARite positions independent car dealers to better serve consumers with credit challenges. Participating dealers adopt the nationally recognized CARite brand identity and gain access to CARite’s proprietary systems and standardized processes. In addition, CARite dealers gain exclusive access to a unique subprime and near-prime leasing platform, which allows them to approve customers for leases on late model low mileage cars, regardless of their credit history. 

CRYSTAL FINANCIAL LLC CONTACT

Cheryl Carner, Managing Director

617-428-8718

ccarner@crystalfinco.com

 

CARITE CONTACT

Jeannie Fledderjohn, Chief Administrative Officer
(248) 655.7674

Jeannie.Fledderjohn@CARite.com