Latest News

CRYSTAL FINANCIAL AGENTS RECAPITALIZATION FOR KPM ANALYTICS HOLDINGS, LLC

Boston, January 24, 2019

Crystal Financial LLC announced the closing of a $27.5 million Senior Credit Facility for KPM Analytics Holdings, LLC (“KPM” or the “Company”) consisting of a $21.0 million term loan, a $3.0 million revolving credit facility and a $3.5 million delayed draw term loan.  Established in 2015 by private equity firm, Union Park Capital, KPM is a roll up of multiple operating entities, both domestic and international, which are leaders in the analytical instrument sector. 

Proceeds from the transaction will be used to refinance existing debt facilities in multiple jurisdictions, finance working capital needs and provide additional debt capacity for future add-on acquisitions.

“KPM is a demonstrated leader in the manufacture of analytical instruments for a wide range of industrial applications.  It made sense for us to partner with a demonstrated leader like Crystal for our financing.  Their structure met the needs of both our domestic subsidiaries as well as our international operations.  In addition, their ability to quickly respond makes them a great resource for the additional acquisitions we plan to pursue.” said Chris McIntire, CEO of KPM.

Kenny Smith, Managing Director of Crystal Financial added, “We were immediately impressed with the substantial expertise of the Company’s management team in addition to the thoughtful approach to the roll up strategy that Union Park has employed.  We are excited to be their financing partner and look forward to supporting their growth via new acquisitions to the platform.”

Peter McGuire, Partner at Union Park Capital stated “The team at Crystal delivered a comprehensive solution that met our current as well as future needs.  They executed a highly complex transaction in a short time frame.  They are true professionals and we look forward to working with them as our financing partner.” 

 

About Crystal Financial LLC

Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is a leading provider of direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.

About KPM Analytics 

KPM Analytics’ premium brands provide instrumentation solutions for food quality and safety, environmental and agriculture applications.  Its market-leading brands include Unity Scientific, Inc., Process Sensors Corporation, Chopin Technologies, and AMS Alliance.  The companies now stand as a strategic group with a common passion for providing solutions and solving our customer’s most challenging problems.  Through this united approach, our customers, big and small, are better served with a broader, more robust scientific instrumentation offering supported by a global network and application expertise.  Its product portfolio includes near infrared (NIR) spectrometers, wet chemistry analyzers, functional analyzers, and sample preparation equipment.  For more information, please visit www.kpmanalytics.com.

About Union Park Capital

Union Park Capital is a private equity firm solely focused on lower middle-market industrial technology companies.  Union Park takes a long-term perspective to help stakeholders build value over time and drives value creation through profitably growing a business, not financial engineering.  Union Park Capital is based in Boston, MA, and has extensive investments and expertise in the analytical instrumentation sector.  For more information, please visit www.union-park.com.

 

CRYSTAL FINANCIAL LLC CONTACT

Cheryl Carner, Senior Managing Director

617-428-8718

ccarner@crystalfinco.com

 

CRYSTAL FINANCIAL AGENTS RECAPITALIZATION FOR LACKS VALLEY STORES, LTD.

Boston, December 18, 2018

Crystal Financial LLC announced the closing of a $55.0 million Senior Credit Facility for Lacks Valley Stores, LTD. (“Lacks” or the “Company”) consisting of a $15.0 million revolving line of credit and a $40.0 million term loan.  Founded in 1935 in McAllen, TX, Lacks operates eleven stores and one clearance center throughout South Texas. The Company’s stores offer a wide assortment of furniture, appliances, electronics, mattresses, and decorative accessories.  In addition, Lacks also provides its customers with an array of financing options through an internally managed credit program.

Proceeds from the financing will be used to refinance existing debt, extend maturities and provide additional liquidity for working capital needs.

“The professionals at Crystal are well known for their expertise in financing retailers and providing financing structures that meet the complex needs of our industry.  They demonstrated a quick understanding of our history and operating model, and we are confident they will be a strong partner in helping us achieve our current objectives.” said Lee Aaronson, President and CEO of Lacks.

Matt Governali, Managing Director of Crystal Financial added, “Lacks has been a provider of home furnishing solutions to Rio Grande Valley customers for decades.  We are pleased to be working with Lee and his team as they continue to serve their existing customer base and grow the business.”

About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is a leading provider of direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.

About Lacks Valley Stores
Lacks Furniture, (Lacks Valley Stores, Ltd.), is a family owned and operated furniture retail chain in South Texas. The company has grown from a modest auto parts store founded in 1935 by Sam Lack in McAllen, Texas to a twelve-store furniture, mattress and home appliance operation serving the South Texas market. Through the years, the company's family culture has been the driving force behind the organization’s success and its commitment to serve the community has made the Lacks brand a leading name in the South Texas region. Lacks celebrated its 83rd Anniversary this year and is ranked 70th in the top 100 retail furniture operations in the U.S. according to FurnitureToday, the furniture industry’s leading periodical.  Lacks Valley Stores, Ltd. currently employs over 600 associates. For more information, visit www.lacks.com [lacks.com]

CRYSTAL FINANCIAL LLC CONTACT
Cheryl Carner, Managing Director
617-428-8718
ccarner@crystalfinco.com

CRYSTAL FINANCIAL PROVIDES TERM LOAN FINANCING FOR VINCE LLC

Boston, August 22, 2018

Crystal Financial LLC announced the closing of a $27.5 million Senior Term Loan facility for Vince, LLC (“Vince” or the “Company”), an indirectly wholly owned subsidiary of Vince Holding Corp.(NYSE: VNCE). Vince is a leading global luxury apparel and accessories brand. The Company offers women’s and men’s ready to wear in addition to accessories, shoes and home décor. Its products are available through its upscale wholesale partners as well as through their retail stores network and their e-commerce site, vince.com.

Proceeds from the term loan will be used to refinance existing term debt, extend maturities and to provide flexibility for various company initiatives. “The refinance of term debt with Crystal in concert with our new revolving credit facility provides us with the optimal capital structure to continue to execute our strategic objectives and drive long term growth in our business.  The Crystal team was both highly professional and very knowledgeable about our industry.  We look forward to a mutually beneficial partnership.” said David Stefko, EVP, Chief Financial Officer of Vince.

“Vince has made strides in refocusing their product assortment to deliver best in class merchandise that their customers expect and appreciate from the Vince brand. They have also provided their consumers with a holistic, multi-channel experience through their network of retail stores, e-commerce site and a curated group of wholesale partners. We are excited to be involved with such a well-regarded, premier luxury brand.” said Cheryl Carner, Senior Managing Director of Crystal Financial.

Andrew Hettinger, Senior Managing Director of Crystal Financial said, “We are pleased to partner with the high caliber management team at Vince.”

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 Vince
Established in 2002, Vince is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day. The collections are inspired by the brand’s California origins and embody a feeling of warm and effortless style. Vince designs uncomplicated yet refined pieces that approach dressing with a sense of ease. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear, shoes, handbags, and home for a global lifestyle. Vince products are sold in prestige locations worldwide. As of June 11, 2018, the Company operated 44 full- price retail stores, 14 outlet stores and its e-commerce site, vince.com. The Company is headquartered in New York and operates a design studio in Los Angeles. Please visit www.vince.com for more information. 

CRYSTAL FINANCIAL LLC CONTACT
Cheryl Carner, Managing Director
617-428-8718
ccarner@crystalfinco.com

VINCE CONTACT
Jean Fontana ICR, Inc.
646-277-1200
Jean.fontana@icrinc.com

CRYSTAL FINANCIAL COMPLETES RECAPITALIZATION FOR SOUTHERN STATES COOPERATIVE

Boston, June 11, 2018

Crystal Financial LLC announced the closing of a $70.0 million Senior Credit Facility for Southern States Cooperative (“SSC”).

Through a network of owned retail locations and managed cooperatives as well as an extensive wholesale distribution business and petroleum division, SSC is a leading provider of farm supply products and services.  Founded in 1923 and headquartered in Richmond, VA, it is one of the nation’s largest farmer-owned cooperatives and provides a broad assortment of agriculture input products such as fertilizer, seed, animal feed and general merchandise for the farm and home. 

Proceeds from the term loan will be used to refinance existing second lien notes, extend maturities and provide additional flexibility for various growth initiatives.

“We are focused on providing the best assortment of products and services to support farmers and those who are committed to agriculture and our environment.  The team at Crystal was able to understand and support our vision.  Their debt facility provides us with a long term, stable capital structure and allows us to focus on executing our business objectives. ” said Jeff Stroburg, president and CEO of Southern States.

Andrew Hettinger, Senior Managing Director of Crystal Financial said, “Southern States has a long heritage and tradition of serving farm owners and other customers. We are excited to be working with Jeff and SSC’s management team and look forward to a long-term productive relationship.”     

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 Southern States

Southern States Cooperative is a Richmond, Virginia-based farm supply retailer and service cooperative. As one of the nation's largest agricultural cooperatives, it provides a wide range of farm inputs, including fertilizer, seed, livestock feed, pet food, animal health supplies, and petroleum products, as well as other items for the farm and home. Founded in 1923, the cooperative is owned by more than 200,000 farmer-members, and serves its members and non-member customers through 1,200 retail outlets in 23 states. For more information, visit www.southernstates.com.

CRYSTAL FINANCIAL LLC CONTACT
Cheryl Carner, Managing Director
617-428-8718
ccarner@crystalfinco.com

SOUTHERN STATES CONTACT
Steve Patterson
Senior Vice President - Marketing and Communications
804 281-1695
Steve.patterson@sscoop.com

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

CRYSTAL FINANCIAL SBIC PROVIDES ACQUISITION FINANCING FOR PROAIR HOLDINGS

Boston, October 11, 2017

Crystal Financial SBIC today announced the funding of a $15.0 million Senior Secured Term Loan for ProAir Holdings (“ProAir”).   Based in Elkhart, IN, ProAir is comprised of ProAir LLC and American Cooling Technologies (“ACT”). Together they supply specialty vehicle manufacturers with innovative and high quality air conditioning and heating solutions across multiple automotive segments.  The Company is owned by KODA Enterprises Group and has served the needs of the specialty vehicle market for over 35 years. 

Proceeds from this facility will be used to finance the acquisition of Bus Air Manufacturing, also a leading player in the specialty niche market of HVAC solutions to the school bus and specialty vehicle market.

“Acquisitions are often complex and require financing sources that can be creative, disciplined and reliable in their approach to executing a transaction.  The Crystal team truly delivered in all of these areas.  We are very pleased to be working with them and appreciate their dedication and effort in helping to facilitate an important milestone for ProAir,” said Bill Karol, President and CEO, KODA Enterprises Group.

Kenny Smith, Director of Crystal Financial said, “The ProAir and ACT management teams have built well-respected and strong organizations that deliver unique solutions for their customers.  In partnership with KODA Enterprises Group, they have steadily grown the businesses over the past two decades by enhancing their capabilities and the end markets they serve.  The acquisition of Bus Air will further expand their market share and we are pleased that Crystal’s debt capital could facilitate the transaction.”    

In order to provide a comprehensive financing solution, Crystal partnered with Berkshire Bank who provided the revolving credit facility and Harvest Capital Credit Corp. who provided the mezzanine debt.

KODA Enterprises Group was advised by Frank Segall of Burns Levinson.  Crystal Financial was advised by John Ventola of Choate.

About Crystal Financial SBIC

Crystal Financial SBIC is a dedicated fund managed by the principals of Crystal Financial.  Its focus is to provide debt capital to a wide range of lower middle market businesses with a minimum transaction size of $7.5 million.  Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments throughout the course of their professional tenures.  For more information please visit www.crystalfinco.com.

About KODA Enterprises Group

KODA Enterprises Group located in Waltham, Massachusetts, is a middle market private investment firm that concentrates on companies in niche markets that have the potential to benefit from the financial strength and operational expertise KODA provides to its portfolio companies. For more information please visit www.koda.com.

CRYSTAL FINANCIAL SBIC CONTACT
Cheryl Carner
617-428-8718
ccarner@crystalfinco.com

 

KODA ENTERPRISES GROUP CONTACT
James H. Peden, Chief Operating Officer
423-756-8891
jpeden@koda.com

 

Crystal Financial Announces Ward Mooney’s Retirement and Co-CEO Promotions

Crystal Financial Announces Ward Mooney’s Retirement and Co-CEO Promotions

Boston, June 26, 2017

Crystal Financial LLC, a commercial finance company, today announced that its CEO, Ward K Mooney, plans to retire at the end of December 2017.  Upon his departure Michael L Pizette, Chief Credit Officer, and Steven Migliero, Senior Managing Director, will serve as Co-CEOs responsible for the management and operations of the firm.  Mr. Mooney will continue to serve on Crystal’s Board of Managers as well as a Managing Member of Crystal SBIC GP LLC.

Crystal was established in 2006 and since inception, it has sourced, underwritten and managed over $20 billion of secured debt financings for middle market businesses.  Crystal was acquired by Solar Capital Ltd. (NASDAQ:SLRC), a publically traded business development company, in December 2012.

Mr. Mooney has been involved in the financial services industry for forty-five years. In 1992, he joined Gordon Brothers and founded GBFC a specialty commercial finance company focused on asset-based financing to retailers. GBFC became the leading secured financing source for the retail industry and in 1996, GBFC was purchased by Bank of Boston.  In 1998 while at Bank of Boston, Mr. Mooney co-founded Back Bay Capital a direct lending fund dedicated to underwriting second lien debt.  In 2006, he co-founded Crystal Financial along with Mr. Pizette.  During his career Mooney has served on many public and nonprofit boards including: President and Chairman of the Turnaround Management Association (TMA), Beth Israel Deaconess Hospital (finance committee), the American Repertory Theater, the Newport Festival Foundation (NFF) and Destination XL Group (DXLG).

Michael Gross, Chairman and CEO of Solar Capital Ltd stated, “We thank Ward for his dedication and commitment to Crystal Financial and are confident in the seamless transition that will occur given Mike and Steve’s long standing tenure and industry expertise.”

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 to middle-market companies. For more information, please visit www.crystalfinco.com.

CRYSTAL FINANCIAL CONTACT

Cheryl Carner

617-428-8718

ccarner@crystalfinco.com

CRYSTAL FINANCIAL SBIC PROVIDES $14,500,000 CREDIT FACILITY FOR NELS

Boston, March 31, 2017

Crystal Financial SBIC today announced the closing of a $14.5 million Senior Secured Credit Facility for New England & North East Linen Supply (“NELS”).,  NELS is a leading linen service and uniform rental company serving better restaurants and corporate and educational institution dining facilities along the Northeast U.S. corridor.      

Proceeds from the facility will be used to optimize the Company’s existing capital structure and for general corporate purposes.   

“Crystal quickly differentiated itself as a provider of creative solutions and delivered a financing that met all of our objectives.  The Crystal team was effective in determining an appropriate debt structure and focused on the timely execution of our deal.  We are excited to be working with them.” said Bob Winneg of New England Capital Partners, owner of NELS.   

Matt Governali, Managing Director of Crystal Financial SBIC said, “Bob and the executive management team of NELS, including CEO Brad Kerin, have been quite successful in positioning NELS to be a trusted and reliable partner for its customers. We look forward to a productive long-term relationship with the Company.”

 “We are pleased that our creative approach to financing solutions met all of the Company’s needs.  We are as committed to superior service for our borrowers as NELS is for its clients. ” said Kenny Smith, Director of Crystal Financial SBIC.

About Crystal Financial SBIC
Crystal Financial SBIC is a dedicated fund managed by the principals of Crystal Financial.  Its focus is to provide debt capital to a wide range of lower middle market businesses with minimum EBITDA of $5.0 million and minimum transaction size of $7.5 million.  Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments throughout the course of their professional tenures.  For more information please visit www.crystalfinco.com.

About New England Linen Supply

New England and North East Linen are highly focused regional textile rental companies specialized in serving restaurants and the corporate and executive dining rooms in many of the fortune 500 companies as well as major educational institutions. With over 40 years of experience and dedication to meeting the ever changing needs of this specialized food service industry, NELS has earned the reputation of being the vendor of choice. The company currently has locations in New York, New Haven, and Boston which serve the northeast corridor from New Jersey, the five boroughs of New York City and the Boston markets. For more information please visit www.nelinen.com.

CRYSTAL FINANCIAL CONTACT
Cheryl Carner
617-428-8718
ccarner@crystalfinco.com

NEW ENGLAND LINEN SUPPLY CONTACT
Brad Kerin
866.871.5440
info@nelinen.com

ABL Advisor Blog - Cheryl Carner

February 22, 2017, 07:00 AM
I was at a financial services conference a few weeks ago where a moderator asked a panelist a version of the same question we’ve all heard multiple times over the past few years: “This has been quite a long post-recession period, where do you think we are in the cycle?”

His response: “I don’t know if we are in the 11th or 12th inning, but this game isn’t going to be over any time soon.”

This view is consistent with sentiments I have either read or heard from other industry veterans.

He means of course that the market for credit (speaking about the middle market) is at a peak – driven by the unprecedented amount of capital flowing into private credit funds from investors seeking non-bank, higher yielding deals than are available in more liquid investment options. This abundance of capital exceeds the demand for financing opportunities – thereby leading to intense competition among lenders to win mandates. This dynamic creates a great situation if you are a borrower as it leads to very generous or friendly terms. However, if you are a lender it means higher leverage, stretch-advance rates, light-covenant packages and pricing compression.These attributes certainly don’t lend themselves to attractive risk-return opportunities.

According to the National Bureau of Economic Research there have been 11 post-recession expansion periods since 1945 with an average tenor of 59 months. The longest though, at the start of the 21st century, was 120 months. The official end of The Great Recession was pegged to be June 2009. Therefore as of February 2017, this latest expansion period has lasted 92 months – with two more years before the record is reached.

After the election results in November there was a noticeable shift in the economy’s momentum with increased levels of consumer and business confidence driven by expectations for tax cuts, reduced regulation and increased infrastructure spending. We are in unprecedented times and the only certainty is that uncertainty, or the unexpected, will now be the new normal with this administration. Yet, the prospect that policy changes will create a more favorable business and investing climate can be clearly felt.

With this backdrop, the way I’m thinking about the current economic environment and the ensuing impact to lending is that these perceived “extra innings” in this particular expansion period may really be part of a double header – albeit an unexpected one. The key question then for those of us in the lending business is how to grapple with these highly competitive markets where borrower-friendly structures that include things like substantial EBITDA addbacks, aggressive leverage levels, loose financial covenants and highly flexible loan documents are now the norm.

What makes this situation all the more challenging is that for those of us in the business of capital deployment – most often described as “deal junkies” – sitting out just isn’t how we are wired. Not only is this strategy highly unappealing to any typical deal professional who thrives on the pace and challenge of investment decisions and transaction activity, but it’s also highly unrealistic given we all have AUM (Assets Under Management) targets.

So, what then? I consider myself an intelligent investor and no one wants to be perceived as chasing market terms. Further, debt providers can’t afford the luxury of a portfolio theory approach to lending where a few homeruns can offset some losses. The returns for debt capital simply don’t justify this strategy as it takes way too many new loans to offset even small losses. On the surface my options don’t look compelling but here are three rules that I expect to follow:

Rule #1 – Discipline

Each year we evaluate hundreds of transactions and our close rate has historically been in the low single digits. That’s a lot of frogs to kiss. In this environment, there is no doubt that I will need an ample supply of Chapstick as it will be necessary to expand the number of opportunities I need to evaluate. It will be equally as important to be exceptionally patient in order to find situations with an attractive risk-return dynamic. In other words: Wait for the pitch.

Rule #2 – Focus

While I am searching the pond for more frogs, I need to quickly determine whether our capabilities, structural approach and pricing dynamics are a good fit for each situation I evaluate – and if not, I’d better move on quickly. This is easier said than done – especially when the pipeline isn’t as robust as one would like. For Crystal in particular, this means focusing on situations where non-bank, creative and flexible capital is more valued than a solution that offers the lowest cost. In other words: Play to my strengths.

Rule # 3 – Get Comfortable with Discomfort

I mentioned previously that “mistakes” or losses for a lender are incredibly costly and very difficult to offset. That said, staying within the confines of a narrow credit box isn’t likely to yield attractive results. Yet, one can be open minded and think about businesses and downside protection in creative ways. Fundamentally sound companies in generally healthy industries with solid management teams can typically survive a speedbump without leading to a risk of loss even in the instance of a default. When evaluating lending opportunities with these types of borrowers it can be a sensible approach to stretch my thinking regarding a potential debt structure to a point where I feel slightly uncomfortable. To me this approach is preferable to a conservative structure for a mediocre business or industry. In other words: Take calculated risks.

For any of you who have ever presented a deal to an investment committee there is no question that saying “no” is easy. There are always a myriad of reasons to pass. But since I am in the business of lending money (as well as getting it back), my challenge is to determine how to get to “yes” in a way that is aligned with the fundamentals of sound credit assessment and underwriting that I have honed over my 20 plus year career.

Check back with me at the 7th inning stretch during game two of this doubleheader and I’ll let you know how I’m doing.

Cheryl Carner
Managing Director | Crystal Financial
Cheryl Carner is a Managing Director with Crystal Financial and is responsible for business development and marketing strategy. She sources, structures and underwrites senior and junior secured debt financings for middle-market companies across a wide range of industries. Debt facilities range in size from $10 million to $100 million and are used for buyouts, refinancings, restructurings or general working capital purposes. Prior to joining Crystal Financial, Carner was a SVP with GE Franchise Finance focused on debt financings for private equity backed restaurant companies. At CapitalSource, she was the Managing Director of the Retail & Consumer specialty lending team and provided over $1.0 billion of commitments to private equity backed retail, restaurant, apparel and consumer product companies. Her 20 years of experience in the financial services sector began with Fleet Retail Finance and its predecessor entities. Carner received her BBA at the University of Massachusetts at Amherst and her MBA at the F.W. Olin Graduate School of Business at Babson College.

CRYSTAL FINANCIAL PROVIDES ACQUISITION FINANCING FOR MODEL N

Boston, January 31st, 2017

Crystal Financial LLC, an independent commercial finance company, announced  its investment in a $50.0 million Term Loan Facility for Model N, Inc. (NYSE: MODN).  Based in Redwood City, CA, and founded in 1999, the Company is a provider of cloud-based revenue management solutions to life sciences, technology and manufacturing companies.     

Proceeds from the transaction were used to complete the acquisition of Revitas, Inc., also a provider of life sciences revenue management software, which closed January 5th, 2017. 

Mark Tisdel, chief financial officer of Model N said “The acquisition of Revitas brings together two innovators during a critical time in the pharmaceutical industry.  This strategic transaction allows us to accelerate innovation across a broad set of applications. Steve Migliero and the Crystal team were very supportive throughout the process.  They were responsive and delivered the financing necessary for this important acquisition.”

“There is no question that in today’s competitive and complex environment, the capabilities in the Model N Revenue Management solution are a must have for their customers to grow their revenue and enhance profitability,” said Steven A. Migliero, Jr., Senior Managing Director of Crystal Financial. “We are excited to be working with such a high quality management team and organization.”

 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 Model N

Model N is the leader in Revenue Management solutions. Driving mission critical business processes such as configure, price and quote (CPQ), contract and rebate management, business intelligence, and regulatory compliance, Model N solutions transform the revenue lifecycle from a series of disjointed operations into a strategic end-to-end process. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in life sciences, technology and manufacturing across more than 100 countries, including Johnson & Johnson, AstraZeneca, Boston Scientific, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com.

Model N® is the registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.

CRYSTAL FINANCIAL CONTACT
Cheryl Carner
617-428-8718
ccarner@crystalfinco.com

MODEL N CONTACT
Staci Mortenson
650 610-4998
investorrelations@modeln.com
pr@modeln.com

 

 

 

 

 

 

 

 

 

CRYSTAL FINANCIAL PROVIDES $26,000,000 FINANCING FOR GIBRALTAR CAPITAL ADVANCE

Boston, January 11th, 2017

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $26.0 million Senior Secured Facility for Gibraltar Capital Advance (“GCA”).  Founded in 2012, the Company is one of the leading providers of cash advances to small businesses seeking a fast and flexible solution for growth capital.  Based in Chicago, IL, GCA is a subsidiary of Gibraltar Capital Holdings, which also operates Gibraltar Business Capital.   

Proceeds from this facility will be used to execute the Company’s strategy of continued growth by providing more small businesses with access to attractive non-bank financing solutions.

“We needed a financing partner with prior experience in our industry, who would understand and value our track record, to provide a facility that would generate maximum levels of liquidity and fund our growth.  There is no question that Crystal Financial’s  Chris Arnold and the team distinguished themselves very quickly and executed a transaction that met and exceeded our expectations.  We look forward to a long-term productive relationship,” said Jim Teppen, GCA President.  

Christopher Arnold, Senior Managing Director said, “The GCA team has built a very strong business with a well performing portfolio.  We are pleased to be working with an experienced executive like Jim who, with his leadership team of Steve O’Connor and Ed Job, delivers a value added service to small businesses that are often starved for capital.  We are confident in their ability to successfully grow their portfolio.”

 “We are truly pleased to be GCA’s financial partner and be the capital solution needed to facilitate their strategic objectives just as Gibraltar Capital Advance has done with the thousands of businesses who required both access to capital and certainty.  Leveraging our institutional knowledge and teamwork approach, we were able to fund this transaction within a few short weeks,” said Stephen Krawchuk, Managing Director.

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 Gibraltar Capital Advance Gibraltar Capital Advance, a wholly owned subsidiary of Gibraltar Capital Holdings, is a growing Chicago-based provider of cash advances to small businesses throughout the U.S. The company’s mission is to give small businesses, such as retailers, restaurants and service providers, a fast and easy alternative to bank financing. Its creative cash advance solutions solve immediate cash flow issues, allowing small businesses to fund growth and build momentum. For more information please visit www.gibraltarca.com.

CRYSTAL FINANCIAL CONTACT
Cheryl Carner
617-428-8718
ccarner@crystalfinco.com

GIBRALTAR CAPITAL ADVANCE CONTACT
Steve O’Connor
224-374-1519
soconnor@gibraltarca.com

CRYSTAL FINANCIAL PROVIDES $17.0 MILLION TERM LOAN FOR NUMEREX, CORP.

Boston, March 29, 2016

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $17.0 million Term Loan for Numerex Corp. (NASDAQ: NMRX).  Headquartered in Atlanta, Numerex is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT).

Proceeds from the facility will be used for general business purposes in support of the company's efforts to transform and enhance their business.

“We needed a financing partner that would truly understand our strong market potential and provide a flexible structure that would facilitate our key business objectives.  Crystal Financials Steve Migliero and team distinguished themselves very quickly and executed a transaction that met all of our needs.  We look forward to a mutually beneficial relationship.” Said Marc Zionts, Chief Executive Officer of Numerex. 

Steve Migliero, Senior Managing Director of Originations, said, “We are exciting to be working with an experienced executive like Marc who has a demonstrated track record of driving operational and financial change.  Numerex has a portfolio of IoT enterprise solutions that provide its customers with a comprehensive solution set incorporating device, network, application and platform that allows their customers to solve sometimes very complex IoT challenges.   We look forward to a long term partnership with Numerex.”

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 Numerex
Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating efficiencies for its customers. Numerex provides its technology and services through its integrated platforms, which are generally sold on a subscription basis. The Company offers a portfolio of managed end-to-end IoT solutions including smart devices, network connectivity and service applications capable of addressing the needs of a wide spectrum of vertical markets and industrial customers. The Company's mission is to empower enterprise operations with world-class, managed IoT solutions that are simple, innovative, scalable, and secure. Numerex is ISO 27001 information security-certified, highlighting the Company's focus on data security, service reliability and around-the-clock support of its customers. For additional information, please visit www.numerex.com.

 

CRYSTAL FINANCIAL CONTACT
BOSTON
Cheryl Carner
617-428-8718

Numerex Financial Contact
Kenneth Gayron
kgayron@numerex.com

Crystal Financial Provides $20 Million Debt Financing to Intersections Inc.

Intersections Inc. Completes $20 Million Debt Financing

Debt Financing Follows $7.5 million Gross Equity Proceeds in Fourth Quarter 2015

CHANTILLY, Va.--(BUSINESS WIRE)--Mar. 21, 2016-- Intersections Inc. (NASDAQ: INTX) today announced that it successfully completed a $20 million term loan financing with Crystal Financial LLC (“Crystal”). Additionally, the Company noted that during the fourth quarter of 2015, it closed a private placement of 3.0 million shares of its common stock, raising gross proceeds of $7.5 million. The Company will use up to a maximum of $15 million of the proceeds from the term loan in connection with the market launch of the Company’s pet health monitoring solution, the Voyce Pro Wellness Monitoring Program™, with the remaining portion to be used for general corporate purposes of the Company’s Identity Guard® and other businesses. For the duration of the three-year term of the Crystal debt financing, any additional capital needs of Voyce® can only be funded from cash generated from Voyce’s operations or a third-party equity investment directly into Voyce, which is subject to limitations in the credit agreement with Crystal. In connection with the term loan, the Company terminated its existing loan agreement with Silicon Valley Bank. Loeb Partners served as the exclusive placement agent in the debt transaction.

“We are pleased to announce these two financing transactions to further fund the sales, marketing and operations of our Voyce Pro Wellness Monitoring Program. Voyce Pro™ enables veterinarians to better monitor an animal’s health by providing biometric data and insight that we believe has never been available before,” said Michael Stanfield, Chairman and Chief Executive Officer of Intersections Inc. “These funds will also give us the financial security to continue executing our corporate transformation program and invest in our growth platforms with a structure that creates more financial independence between our two primary businesses.”

“Intersections has robust capabilities in the collection, management and monitoring of data. Not only are they leaders in providing consumer identity protection services, but they also are using their expertise to deliver an innovative product for consumers to manage their pets’ health. We are delighted to be involved with Michael and the entire management team and look forward to a mutually beneficial partnership,” said Cheryl Carner, Managing Director of Crystal Financial.

 About Intersections:

Intersections Inc. (Nasdaq: INTX) provides innovative, information based solutions that help consumers manage risks and make better informed life decisions. Under its Identity Guard brand and other brands, the company helps consumers monitor, manage and protect against the risks associated with their identities and personal information. The company’s subsidiary Intersections Insurance Services provides insurance and other services that help consumers manage risks and achieve personal goals. The company’s i4C Innovations subsidiary provides Voyce, a groundbreaking pet wellness monitoring system for pet owners and veterinarians. Headquartered in Chantilly, Virginia, the company was founded in 1996. To learn more, visit www.intersections.com.

About Crystal Financial:

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.

Comvest and Crystal Provide Financing to Crest Financial

West Palm Beach, FL and Boston, MA - December22nd, 2015

 Comvest Partners (“Comvest”), through its Comvest Capital lending platform, and Crystal Financial LLC (“Crystal”), a provider of debt capital solutions to middle-market businesses, today announced that they have acted as Co-Agents in providing a term loan to Crest Financial (“Crest” or the “Company”). Founded in 2005, Crest helps consumers who have no access to traditional credit with lease financing to purchase retail items. Crest provides instant in-store leasing across 46 states with over 4,000 retailers.

 “We are excited about the partnership with Comvest and Crystal. They were able to structure a customized financing solution that allows us to dramatically accelerate our growth,” said Bob Millerberg, Chief Executive Officer and Co-Founder of Crest.

 “We are pleased to provide this credit facility to Crest. They are well positioned for the future and we are excited to be part of their continued growth and success,” said Jason Gelberd, Managing Director at Comvest.

Steve Migliero, Senior Managing Director at Crystal, commented, “Crest is delivering an important service to retailers and their customers who need a leasing solution instead of credit.  Bob and his management team have built a terrific organization and we look forward to being an important partner in the business.”

 About Crest Financial:

Established in 2005, Crest Financial is one of the nation’s largest and fastest growing No Credit Needed leasing companies. Crest has provided leasing to thousands of satisfied customers via numerous retail partners across the United States, and is committed to providing more opportunity for customers, more success for retailers, more service to the community and more growth for employees than any other company in the industry. An innovative leader in No Credit Needed leasing, Crest Financial delivers outstanding customer service and provides instant approvals on transactions up to $5,000 using the most advanced technology, resulting in one of the highest rates of approved transactions in the industry. These superior leasing solutions offer flexible payment options that include In-Home Layaway™ and a 90-day buyout option on leases. See www.crestfinancial.com.

About Comvest Partners:

Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested over $1.9 billion. Today, Comvest’s funds have $2.5 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance. See www.comvest.com. 

 About Crystal Financial
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.

For more information, please contact:

Louis Colosimo – Managing Director, Investor Relations, (212) 829-5834, l.colosimo@comvest.com

Carlos Soto – Senior Vice President, Business Development, (561) 727-2032, c.soto@comvest.com

Steven Migliero, Jr.  – Senior Managing Director Originations 617-428-8704, smigliero@crystalfinco.com

 

 

 

easyhome Ltd. Increases Credit Facility to $300 Million, Reduces Cost of Borrowing

Mississauga July 31, 2015: easyhome Ltd. (TSX: EH), (“easyhome” or the “Company”), the Canadian leader in providing goods and financial services to the cash and credit constrained consumer, today announced that it has increased its total credit facility, agented by Crystal Financial by $100 million from $200 million to $300 million while reducing the current interest rate from 8.22% to 7.99%.  The increased capital will support the growth of easyhome’s consumer financing business, easyfinancial.

easyfinancial was launched in 2006 to provide term financing to consumers looking for credit alternatives that are more readily accessible than banks and less costly than payday loans.  Over the past 36 months, easyfinancial has grown its consumer loans receivable portfolio by over 300% to $230.9 million at June 30, 2015. The additional capital secured today will allow easyfinancial to continue its growth and build upon its leadership position as an alternative provider of term financing to consumers.

 "We are delighted that our existing lending partners once again agreed to increase our facility‎ while reducing our cost of borrowing and providing some flexibility to our covenants, said Steve Goertz easyhome’s Chief Financial Officer.  “While we had other options to consider, we concluded that the best economic terms remained with the syndicate led by Crystal Financial LLC. Based on current forecasts, the additional $100M capital will provide the Company with the resources to meet its strategic goals and support its growth through to 2017 without the need to complete an equity raise"

The amendment to the credit facilities which increased the total maximum credit available from $200.0 million to $300.0 million.  In addition to increasing the size of the facility by $100.0 million, the amendment reduced the current interest rate on the term loan from 8.22% to 7.99%, revised the credit facility’s financial covenants to provide more flexibility and extended the expiry date by 12 months to October 4, 2019.

 "We are once again pleased to act as Administrative Agent and lead arranger on this expanded credit facility for easyhome," said Christopher Arnold, Senior Managing Director of Crystal Financial. "The Company’s performance over the last several years demonstrates its expertise in maintaining a balanced approach to consumer lending while proactively managing risk.  The increased size and improved terms of the entire facility reflect the lending syndicate’s confidence in their business and the strength of the easyhome management team, systems, operational procedures and risk management practices."

About easyhome

As at June 30, 2015, the Company operated 185 easyhome leasing stores (including 24 franchises and 6 consolidated franchise locations) and 201 easyfinancial locations.

easyhome Ltd. is the Canadian leader in providing goods and financial services to the cash and credit constrained consumer.  easyhome Ltd. serves its customers through two key operating divisions, easyhome Leasing and easyfinancialeasyhome Leasing is Canada's largest merchandise leasing Company, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is a leading provider of consumer loans as an alternative to traditional banks and payday lenders.

easyhome Ltd. is listed on the TSX under the symbol 'EH'. For more information, visit www.easyhome.ca.

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 PROVIDES $25.0 MILLION TERM LOAN FOR ALASKA COMMUNICATIONS

Boston, November 10, 2015

Crystal Financial SBIC and Crystal Financial LLC today announced the closing of a $25.0 million Second Lien Term Loan for Alaska Communications (NASDAQ: ALSK).  The Company is a leading provider of broadband, voice and IT managed services throughout the state of Alaska. 

Proceeds from the facility were used to refinance an existing facility with an upcoming maturity in 2016 and to provide liquidity for general corporate purposes.

Matt Governali, Managing Director of Crystal Financial SBIC, commented, “The Company operates a critical and significant statewide network for consumer and enterprise customers, including a vital undersea fiber optic cable system connecting Alaska to the lower 48 States.  The management team is successfully navigating a material change to its business with the divestiture of the Company’s wireless division, and continues to focus the Company on executing its core operating strategies.  We are truly pleased to provide the financing.”

“Crystal was able to work quickly and collaboratively with a senior lender syndicate to facilitate this refinancing.  They were quick to understand the important drivers of our business and the fundamentals of our geographic and industry positioning.  We look forward to a long term partnership,” said Wayne Graham, Alaska Communications Chief Financial Officer. 

About Alaska Communications

Alaska Communications (NASDAQ:ALSK) is the leading provider of advanced broadband and IT managed services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous U.S. For more information, visit www.alaskacommunications.com or www.alsk.com.

About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings 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 CONTACT
Cheryl Carner
617-428-8718

ALASKA COMMUNICATIONS CONTACT
Hannah Blankenship
907-564-1326

CRYSTAL FINANCIAL PROVIDES $12.5 MILLION TERM LOAN FOR TRI VENTURES, INC.

Boston, June 18, 2015

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $12.5 million Senior Term Loan for Aquent, a subsidiary of TRI Ventures, Inc.  (“TRI”).  Headquartered in Boston, Aquent is the market leader in temporary staffing and outsourced project development in the creative and marketing fields.

Proceeds from the facility will be used for general business purposes in support of the company's continuing growth strategy.

Steve Migliero, Senior Managing Director of Originations, said, “We are thrilled to partner with John and his team at Aquent to provide incremental capital to fuel Aquent’s impressive organic growth.  Aquent is the demonstrable market leader in their space and we look forward to their continued growth and a long term partnership.”

“Crystal collaborated with our existing ABL agent to close the transaction.  In the process, they quickly demonstrated an understanding of our industry and were quite innovative when it came to providing a structure built to address the unique aspects of our business.  We look forward to a mutually beneficial partnership.” said John Chuang Co-Founder and CEO." 

About TRI Ventures, Inc.
TRI owns Aquent LLC, a global staffing firm focused on providing talent, outsourcing services, and cloud-based solutions to marketing and creative departments at Fortune 1000 companies. TRI also owns “start up” ventures focused on the development of recruitment software solutions and mobile applications and has invested in a number of other public and privately held companies. For more information visit www.aquent.com.

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 CONTACTS

BOSTON

Cheryl Carner

617-428-8718

 

CRYSTAL FINANCIAL AND BALMORAL FUNDS AWARDED WITH TMA’S TRANSACTION OF THE YEAR

Boston, September 24, 2014

Crystal Financial LLC and Balmoral Funds are pleased to announce that both firms will be awarded with the Turnaround Management Association’s (TMA) Transaction of the Year Mid-Size Company for the acquisition and financing of Intelligent Global Pooling Systems (iGPS). 

Founded in 2006, Intelligent Global Pooling Systems (iGPS) is the operator and owner of the world’s first and largest plastic pallet rental pool.  It operates from a robust network of depots serving over 100 manufacturers and 2,000 retailers by lowering their logistics and related operating costs.

Crystal provided both a DIP facility and a $20.0 million exit facility to support the acquisition of the Company by Balmoral Funds and other investors.  Balmoral completed the acquisition through a complex series of steps including the purchase of pre-petition debt, the offer of a stalking-horse bid, zealous advocacy in the Delaware courts and ultimately a successful acquisition of the iGPS assets in a section 363 sale process. 

The Crystal deal team included Stephen Krawchuk, Managing Director, Rebecca Tarby, Managing Director and Timothy Lawlor, Senior Associate.  The Balmoral deal team included Jonathan Victor, Managing Director, Robin Nourmand, Principal, Travis Haynes, Senior Vice President and David Shainberg, Senior Associate.  These individuals will be honored at The TMA Annual, taking place in Toronto, Ontario from September 29th – October 1st.

Since 1993, TMA has honored excellence through its annual awards program, which recognizes the most successful turnarounds and impactful transactions.  The award recipients save jobs and make a significant economic impact. 

 “Crystal Financial is honored to receive this award and recognition from the TMA and our peers.  Our standard is for excellence and to deliver comprehensive solutions to complex financing needs.  Our team worked tirelessly to identify a creative approach and a financing structure that met Balmoral’s needs and led to a successful acquisition of the Company that otherwise would have been liquidated.  We very much enjoy our partnership with Balmoral,” said Ward K Mooney, CEO of Crystal Financial.

“Consistent with our reputation as friendly, creative and responsive lender, we are pleased to have created a unique bankruptcy lending solution which provided for both the Company’s DIP and emergence lending needs.  We were privileged to work with Balmoral Funds, which in conjunction with a strong new management team, orchestrated an exceptional bankruptcy acquisition solution and turnaround,” noted Crystal’s Stephen Krawchuk.

“Crystal went well above and beyond the role of a traditional lender.  They were patient and supportive. Their thoughtful and practical approach to a very challenging situation led to a very positive outcome.  We could not have done it without them,” added Robin Nourmand, a Principal at Balmoral Funds.

award image

 

About Crystal Financial
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 Balmoral Funds
Balmoral is a private equity firm focused on investing in corporate carve-outs, restructurings and other special situations. Balmoral's investment strategy focuses on partnering with talented management teams to invest in and revitalize companies with strong market positions that are going through a period of transition or experiencing operating or financial challenges. Balmoral targets investments in companies that have historically generated $30 million to $300 million of revenues at their peak. Balmoral is headquartered in Los Angeles, CA and has a strong track record of structuring creative investments in challenged companies and returning them to financial stability and profitable growth.  For more information please visit www.balmoralfunds.com.

About the Turnaround Management Association
The Turnaround Management Association (TMA) is the leading organization dedicated to turnaround management, corporate restructuring, and distressed investing. Established in 1988, TMA has more than 9,300 members in 49 chapters worldwide, including 31 in North America. Members include turnaround practitioners, attorneys, accountants, advisors, liquidators, executive recruiters, and consultants, as well as academic, government, and judicial employees.

CRYSTAL FINANCIAL CONTACTS
Cheryl Carner
617-428-8718

BALMORAL FUNDS CONTACTS
Robin Nourmand
310-473-3065

Crystal Financial Provides Financing to Brake Parts Inc LLC

CRYSTAL FINANCIAL PROVIDES $30.0 MILLION TERM LOAN FOR BRAKE PARTS INC LLC

Boston, September 2, 2014

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $30.0 million Senior Term Loan for Brake Parts Inc LLC (“BPI”).  Headquartered in Illinois, BPI is a leading provider of brake parts and systems for the aftermarket automotive sector in North America. 

BPI designs, manufactures, and distributes brake parts and systems for virtually all makes and models.  Its Raybestos® brand has been a quality leader for over 100 years.

Proceeds from the facility will be used to provide for ongoing working capital and a shareholder distribution. The loan matures in February 2020.

"The Company’s global manufacturing footprint, its leadership position, and the reputation of its products are only a few of the Company’s many attributes. Throughout the process, we were highly impressed with management as well as the shareholders and their vision for the Company”, commented Mirko Andric, Director at Crystal.  “We are pleased to be a part of this transaction."

“Crystal delivered on the proposed structure and worked closely with our existing ABL agent to close the transaction.   They demonstrated the ability to quickly understand our business and industry and we look forward to the partnership.” said David Overbeeke, BPI’s Chief Executive Officer.

About Brake Parts Inc LLC

Brake Parts Inc LLC (BPI) headquartered in McHenry IL, is a leading global brake system products manufacturer and supplier to the transportation industry. The BPI brake product offering includes brake pads, shoes, rotors, drums, calipers, hydraulic parts and wheel hubs. The Raybestos® brand of brakes has over a 100 year heritage and are used by premier NASCAR® motorsports teams such as Joe Gibbs Racing and Roush Fenway Racing.  For more information about Brake Parts Inc visit www.BrakePartsInc.com and for Raybestos brakes, visit www.Raybestos.com.   Raybestos trademark used under license from Affinia International, Inc.

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 CONTACTS

BOSTON
Cheryl Carner
617-428-8718

ATLANTA
Andrew Hettinger
404-885-5757

 

Crystal Financial Arranges $200MM Credit Facility to easyhome Ltd. (TSX:EH)

easyhome Ltd. Announces New $200 Million Credit Facility and Increases Loan Book and Sales Growth Targets

Mississauga, July 24, 2014: easyhome Ltd. (TSX:EH) (“easyhome” or the “Company”), the Canadian leader in providing goods and financial services to the cash and credit constrained consumer, today announced that it has entered into a new $200 million credit facility, replacing the Company’s current debt facilities and providing $115 million of additional capital to support the growth of easyhome’s consumer finance business, easyfinancial.

“Being able to access additional capital allows us to fund and accelerate our growth plans for easyfinancial,” said David Ingram, easyhome’s President and Chief Executive Officer. “We expect to achieve the metrics we set for our total loan book reaching $250 million a year earlier than anticipated, by the end of 2015.”

The Company launched easyfinancial Services in 2006 to provide term financing to consumers who are looking for credit alternatives that are more readily accessible than banks and less costly than payday loans.  Over the past 36 months, easyfinancial Services has tripled the size of its consumer loans receivable portfolio to $145 million at June 30, 2014. The additional capital secured today will allow easyfinancial Services to continue its growth and build upon its leadership position as an alternative provider of term financing to consumers.

“The new credit facility will allow us to capture more of the strong demand for alternative sources of consumer financing in the Canadian marketplace and continue growing our high margin easyfinancial business,” said Steve Goertz, easyhome’s Chief Financial Officer. “Crystal Financial, together with the other term lenders and CIBC, our corporate banking partner, have developed a flexible financing package that meets the needs of easyhome by providing additional capital to support the expected growth of our consumer finance business till the end of 2015 while reducing our interest costs.”

The new credit facility, which expires on October 4, 2018, is comprised of a $180 million term loan and a $20 million revolving operating facility.  The term loan is being arranged by Crystal Financial LLC on behalf of a syndicate consisting of Crystal Financial LLC and four other lenders.  $105 million of the term loan must be drawn at closing with the balance available in periodic advances until July 31, 2015.  Borrowings under the term loan bear interest at the Canadian Bankers’ Acceptance rate plus 722 bps (resulting in the current rate improving by 1.48% from 9.97% to 8.49%).  The revolving operating facility is being provided by CIBC and borrowing under the revolving operating facility bear interest at CIBC’s prime rate plus 200 to 300 bps, depending on the Company’s total debt to EBITDA ratio (resulting in the current rate improving by 0.5% from 5.5% to 5.0% on a pro-forma basis).

The new credit facility is secured by a first charge over substantially all assets of easyhome and its subsidiaries, contains certain positive, negative and financial covenants, and includes other usual and customary terms and conditions.

“We are pleased to act as Administrative Agent and lead arranger on this new expanded term loan facility for easyhome,” said Steven Migliero, Senior Managing Director of Crystal Financial. “With this increased financing commitment, we believe the Company will continue to grow and maintain their industry leading position.”  Added Christopher Arnold, Senior Managing Director of Crystal Financial, “The increased size and improved terms on the entire facility reflect our confidence in their business and the strength of the easyhome team, systems, operational procedures and risk management practices.”

Outlook

As a result of the access to additional capital and the strong growth of the easyfinancial consumer loans receivable portfolio, the Company has revised its loan book and sales growth targets.  The Company now anticipates that the loan book will reach $180 - $190 million by the end of 2014.  The Company also now anticipates that the previous target of a loan book of $250 million by the end of 2016 will be achieved at or before the end 2015 and the Company is now targeting the loan book to grow to $320 to $350 million by the end of 2016.  Consequently, the Company has also revised its revenue growth targets for 2014 to 14% to 16% (from 10% to 12%).

“We are confident that our growth plans for easyfinancial, including our omni-channel strategy for the distribution of new loans, will enable us to achieve our loan book targets,” said Ingram. “This continued growth will enable easyfinancial to achieve its goal of becoming Canada’s largest provider of consumer loans as an alternative to traditional banks and payday lenders.”
 
About easyhome

easyhome Ltd. is the Canadian leader in providing goods and financial services to the cash and credit constrained consumer.  easyhome Ltd. serves its customers through two key operating divisions, easyhome Leasing and easyfinancial.  easyhome Leasing is Canada's largest merchandise leasing Company, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is a leading provider of consumer loans as an alternative to traditional banks and payday lenders. easyhome Ltd. is listed on the TSX under the symbol 'EH'. For more information, visit www.easyhome.ca.

About Crystal Financial

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.

For further information contact:
David Ingram
President & Chief Executive Officer
(905) 272-2788    
       
-or-
       
Steve Goertz
Senior Vice President and Chief Financial Officer
(905) 272-2788

TSX Symbol:  EH
easyhome Ltd.
33 City Centre Drive
Suite 510
Mississauga, Ontario
L5B 2N5  Canada

Crystal Financial... Leveraging a 'Compelling Opportunity' with Solar Capital Ltd.

May/June 2014 ABF Journal article click here 

Crystal Financial Announces formation of SBIC fund

Crystal Financial Announces formation of SBIC fund

Boston -  January 29, 2014 

Ward Mooney, CEO of Crystal Financial LLC, announced today that Crystal Financial SBIC LP has received a license from the Small Business Administration to form a Small Business Investment Company and has closed its first investment in this new fund.  The fund will be managed by Crystal SBIC GP LLC, which is comprised of several senior managers at Crystal Financial LLC.  The fund will focus on providing secured loans to small and medium sized companies for acquisitions, working capital, growth and to support them in meeting their strategic objectives.  “This new fund is a natural extension for us to address the growing need in the market for creative debt capital solutions to small businesses”, stated Mr. Mooney. 

It was also announced that Matthew Governali has joined the Crystal Financial SBIC LP team with his primary responsibility the origination and management of new investments for the fund.  Mr. Governali has over 15 years experience providing senior and junior debt, as well as equity, to a wide variety of middle market companies.  Mr. Governali’s investment background includes experience in commercial banking, CLO management as well as several years with Crystal Capital, a predecessor firm to Crystal Financial.  Colin Cross commented “we are thrilled to have Matt rejoin our team at Crystal and know that he will have a significant impact in helping us grow the SBIC.”

About Crystal Financial SBIC LP
Crystal Financial SBIC LP provides senior and junior secured loans (minimum of $7.5 million in fundings) to middle-market companies throughout the United States.  The principals of the fund have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.

 

For more information contact

Matthew Governali
mgovernali@crystalfinco.com
617-428-8777

Crystal Financial SBIC - Silver Airways Corp. Deal Announcement

Silver Airways Corp. is a regional airline carrier headquartered in Fort Lauderdale, Florida. Silver operates almost 200 daily scheduled flights to/from 46 gateways in Florida, the Bahamas, Georgia, Alabama, Mississippi, Virginia, West Virginia, Pennsylvania, New York and Ohio. The airline, which offers more flights within Florida to The Bahamas than any other U.S. airline, has valued partnership and codeshare agreements with United Airlines and interline agreements with American Airlines, Delta Air Lines, JetBlue and US Airways.

Silver is owned by Victory Park Capital, an investment firm based in Chicago IL, which launched the new airline in May 2011 following the acquisition and restructuring of a now defunct company.  The new funding will help position the company for additional growth and success.

The new senior debt facilities will be used to provide a partial repayment of investments the sponsor had made in Silver Airways since 2011 and to provide funding for growth.  A group of lenders including Crystal Financial SBIC LP, Crystal Financial LLC and GB Merchant Partners provided term and revolving loans to Silver Airways.  The loans are secured by all assets of the company including receivables, parts inventory and aircraft.

Merchant Cash & Capital (MCC) has secured an additional $25,000,000 in senior debt financing from Crystal Financial LLC

Washington, DC (March 19, 2014) – FOCUS Investment Banking LLC, a national middle market investment banking firm providing merger, acquisition, divestiture and corporate finance services, announced today that Merchant Cash & Capital (MCC) has secured an additional $25,000,000 in senior debt financing from Crystal Financial LLC as a participant in Comvest Partners’ line of credit which Comvest has increased to $75 million in the aggregate.  FOCUS represented MCC in arranging the original $25 million Comvest line of credit and in bringing Crystal into the increased line as a participant.

Merchant Cash & Capital is a pioneer and leader in the merchant cash advance industry. The Company grew rapidly after the initial Comvest transaction and sees significant opportunities for continued growth. 

“Like the businesses we finance, we need resources to develop more programs and services for our customers, and that is exactly what this new financing will allow us to do,” said MCC Chief Executive Officer Stephen Sheinbaum. “Our new term loan gives us the capital needed to invest in technology and product development, and catapult the growth of MCC from the current levels of funding $20 million per month to more than double that over the course of the next year.”

“We have enjoyed watching the product growth and continuous improvement of MCC over the last several years,” said Greg Reynolds, Managing Director at Comvest. “We are confident that MCC is well-positioned for the future and are delighted to increase our capital commitment and bring Crystal Financial and Medley Capital into the new term loan.”

John Slater, FOCUS Partner and Capital Financing Team Leader, added, “MCC is a well-run, financially sound, but complex business.  As small business financing has increasingly moved outside of the traditional commercial banking industry, MCC serves as a critical intermediary, bridging the large scale capital markets funding provided by firms such as Comvest and Crystal with the funding needs of growing entrepreneurial businesses.  FOCUS seeks to serve innovative specialty finance companies such as MCC by providing access to a broad universe of capital sources and by providing its experience, advice and counsel to assist its clients in sharing their stories in a clear and concise manner to move the deals from conception to closing.”

The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle market companies.  Their team includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value.

About Merchant Cash and Capital

Merchant Cash and Capital, LLC combines advanced technology and unmatched customer service to provide financing for business owners around the country. With its ASAP (Automated Submission and Pre-Approval System) technology, MCC enables business owners to instantly secure funding approvals - a process that took 24 hours, now takes 24 seconds. MCC has funded more than $650 million to over 13,000 unique business owners and a total of 29,000 advances. For more information, visit www.merchantcashandcapital.com or call 1-877-208-7758.

 About Comvest Partners

Comvest Partners, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.9 billion of capital in over 130 public and private companies. Please visit www.comvest.com.

About Crystal Financial
Crystal Financial, 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 FOCUS Investment Banking LLC

FOCUS LLC provides a range of middle market investment banking services with an emphasis on mergers, acquisitions, divestitures and corporate finance.  FOCUS is a national firm serving clients from offices in major cities across the United States.  FOCUS specializes in business units with transactions or revenues in the $5-300 million range, serving entrepreneurs, corporate owners and various types of investors across a broad range of industries, throughout the U.S. and worldwide.  FOCUS bankers are seasoned operating and financial executives with extensive transaction experience.  Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered Broker Dealer member FINRA/SIPC.  For more information on FOCUS, visit www.focusbankers.com

CRYSTAL FINANCIAL and CRYSTAL FINANCIAL SBIC PROVIDE $20.0 MILLION FACILITY FOR ALFRED MUSIC PUBLISHING CO., INC.

Boston, March 24, 2014

Crystal Financial LLC, an independent commercial finance company, and Crystal Financial SBIC LP today announced the closing of a $20.0 million Senior Term Loan for Alfred Music Publishing Co., Inc. (“Alfred Music”).  Founded in 1922 and headquartered in Los Angeles, the Company is the world’s largest publisher of educational music products with over 184,000 print and digital products sold at over 10,000 retailers worldwide.

Alfred Music produces educational, reference music, pop, and performance materials for teachers, students, professionals, and hobbyist musicians across all types of instruments, music styles, and difficulty levels. 

Proceeds from the facility were used to refinance existing debt and to provide incremental liquidity for growth.   The loan matures in March 2018.

“Alfred Music continues to be the gold standard in music education, helping the world experience the joy of making music, and we are thrilled to be on this journey together”, noted Stephen Krawchuk, Crystal’s Managing Director.

“We are pleased to be working with Crystal as our financing partner and we are impressed with their ability to understand our business, its needs, and opportunities.  Crystal was both creative and responsive and delivered on the structure they proposed”, said Ron Manus, Alfred Music’s CEO.

About Alfred Music Publishing Co., Inc.  

Alfred Music is the world’s largest educational music publisher. Alfred Music produces educational, reference, pop, and performance materials for teachers, students, professionals, and hobbyists spanning every musical instrument, style, and difficulty level. Alfred Music’s home office is located in Los Angeles, with domestic offices in Miami, Nashville, and New York as well as offices around the world including Australia, Germany, Singapore, and the United Kingdom.

Since 1922, Alfred Music has been dedicated to helping people learn, teach, and play music. Alfred Music currently has over 150,000 active titles. Alfred Music represents a wide range of well-known publications—from methods like Alfred’s Basic Guitar, Alfred’s Basic Piano Library, Premier Piano Course, Sound Innovations, and Suzuki, to artists like Bruce Springsteen, Bruno Mars, Cole Porter, fun., George and Ira Gershwin, John Lennon, Katy Perry, Led Zeppelin, The Rolling Stones, and The Who, to brands like Harry Potter, Lord of the Rings, Star Wars, The Wizard of Oz, Rolling Stone magazine, and Billboard.

Alfred Music owns and licenses a wide range of imprints including Belwin, Highland/Etling, Kalmus, and Warner/Chappell Music, Inc. In addition to its own titles, Alfred Music distributes products from over 50 companies, including Daisy Rock Girl Guitars, Dover Publications, Drum Channel, Faber Music, MakeMusic, Inc., Penguin, and WEA.

About Crystal Financial
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 CONTACTS

BOSTON
Cheryl Carner
617-428-8718

LOS ANGELES
Stephen Krawchuk
323-839-5526

Crystal Financial Announces Promotions

Boston, May 6, 2014

Crystal Financial LLC, an independent commercial finance company, is pleased to announce the promotion of five of its professionals.  Each of these individuals have made significant contributions to the growth of the business and demonstrated exceptional expertise in providing innovative and complex debt financings to middle market companies.

Christopher Arnold to Senior Managing Director
Chris joined Crystal in 2010 and is responsible for underwriting and portfolio management.  Prior to Crystal Financial, Chris held various underwriting positions at CIT Group, CapitalSource Finance, Dimeling, Schreiber & Park and GE Capital.  In this role, Chris leads a team of professionals within the Investment Administration group which is responsible for both underwriting new transactions and portfolio management.

Andrew Hettinger to Senior Managing Director
Andrew is responsible for business development, deal sourcing and structuring debt financings for middle market companies throughout the Southeast.  Andrew joined Crystal in 2010 from Cerberus Capital Management and has previously held positions at Houlihan Lokey, Howard, Zukin, Deutsche Bank and Bank of America.

Tyler Harrington to Vice President
Tyler is a member of the underwriting and portfolio management team and has been with Crystal since 2010.  Prior to joining Crystal he was an associate with Cambridge Associates

Kenny Smith to Vice President
Kenny is responsible for underwriting and managing Crystal’s secured debt transactions.  He joined Crystal in 2011, and has prior investment experience from positions at BDC Capital, JMH Capital and Breakaway Ventures.

Timothy Lawlor to Assistant Vice President
Tim joined Crystal in 2012 from Goldman Sachs where he was an analyst in their Investment Banking program.  Tim is a member of the Investment Administration team and is involved in underwriting new transactions as well as managing loans within the portfolio.

 “I speak for all of Crystal Senior Management when I say that we have a terrific team of dedicated, talented professionals who are pleasure to work with,” stated Michael L. Pizette, Chief Credit Officer for Crystal Financial LLC.  “All of these individuals have made a significant contribution to our success to date, and I am confident that their future involvement will be instrumental to Crystal’s continued growth.”

Steve Migliero Jr, Senior Managing Director of Originations, said, “Our business is ultimately about people and the importance of relationships.  The ability to source and underwrite transactions requires more than just strong analytics and credit acumen.  Each of these individuals brings key strengths to our business that facilitates building relationships and growing the portfolio with well structured transactions.”

About Crystal Financial
Crystal Financial 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 CONTACTS
BOSTON

Cheryl Carner
617-428-8718

Crystal Financial Agents $28.0 Million Facility for Times Publishing Company

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $28.0 million Senior Term Loan for Times Publishing Company.  Headquartered in the Tampa Bay area, the Company is one of the leading newspaper publishers in the United States.  Its publications include the Tampa Bay Times, the largest paper in Florida and Florida Trend Magazine, among others. 

Proceeds from the facility were used to refinance existing debt and to provide incremental liquidity for growth.   The facility matures in December 2016.

"We view the Tampa Bay Times as the dominant newspaper serving the metro Tampa/St. Petersburg market as evidenced by the largest circulation of readers in the state of Florida as well as the Southeast," commented Andrew Hettinger, Managing Director of Crystal Financial. "Throughout the process, we were highly impressed by the paper's strong management team, operational strategy, market reputation, and commitment to the community.  We are thrilled to be a part of this transaction".

 “We are delighted to be partnering with Crystal Financial as our financing source,”CFO Jana Jones said. “They were very responsive, understood our unique needs and were flexible in their approach.  The capital they have provided will be instrumental for the future growth and development of our business.”

About Tampa Bay Times
The Times Publishing Company is a diversified media enterprise based in the Tampa Bay area.  Its leading publications include the Tampa Bay Times and Florida Trend business magazine, and its online properties include TampaBay.com and PolitiFact.com.  The Tampa Bay Times is the recipient of numerous awards, including 9 Pulitzer Prizes, and is ranked among the Top 10 daily sports sections by the Associated Press Sports Editors.

About Crystal Financial
Crystal Financial 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.

The Secured Lender - What keeps' you up at night?

what_keeps_you_up_at_night.pdf

Crystal Financial featured in Buyouts Magazine/PE Hub.

http://www.pehub.com/2013/08/22/mid-market-lender-crystal-financial-looks-to-europe-buyouts/

CRYSTAL FINANCIAL AGENTS $35.0 MILLION FACILITY FOR ACTIVE INTERNATIONAL

Boston, August 6, 2013

Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $35.0 million Senior Term Loan for Active International.  Founded in 1984, Active is the world’s largest corporate trade company.  As a leader in the practice of corporate trade, it delivers a comprehensive solution to businesses that seeks to create value from excess assets by exchanging or trading them for other needed business services such as media, marketing, travel, freight & logistics and LED lighting. 

Proceeds from the new financing provided general working capital and growth capital.  The facility matures in February 2018.

 “We are very pleased to be working with Active as its financial partner,” noted Steve Migliero, Senior Managing Director of Crystal Financial.  “From our first meeting with the management team, we were impressed with their expertise and the operations they have built over their 30 year history.  The valuable services they provide to their clients allow many corporations to realize value from underutilized and excess assets.  We look forward to supporting their continued growth.”

 “It was a pleasure to work with the Crystal Financial team,” CEO Alan Elkin commented. “They were very thoughtful in their approach and diligent in their efforts to understand our business and related needs.  Crystal quickly delivered a comprehensive financial solution that will help fuel our growth. We view this relationship as an important partnership that will drive value for Active for years to come.”

About Active International
Active International consults with the Fortune 1000 on ways to optimize their companies’ assets, typically excess consumer packaged goods, real estate and capital equipment. As the global leader in corporate trade, Active has successfully helped many of the world’s leading brands recover value, reduce costs and increase market share. Providing a dynamic financial tool, Active has helped its clients improve their business performance, delivering $1.5 billion in economic benefit since 1984. Active International is based in New York and has offices in 14 countries.www.activeinternational.com.

About Crystal Financial
Crystal Financial 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 CONTACTS
BOSTON
Steven Migliero, Jr.
617-428-8704

Cheryl Carner
617-428-8718

ATLANTA
Andrew Hettinger
404-885-5757

CHICAGO
Colin Cross
312-543-4878

LOS ANGELES
Stephen Krawchuk
323-839-5526

CRYSTAL FINANCIAL AGENTS $57.1 MILLION FACILITY FOR THE ROBBINS COMPANY

Boston June 17, 2013   Crystal Financial LLC, an independent commercial finance company, today announced the closing of a $57.1 million Senior Term Loan for The Robbins Company.   Founded in 1956, The Robbins Company is one of the leading developers and manufacturers of advanced, underground machinery used in tunnel construction projects worldwide.

Proceeds from the new financing replaced the Company’s existing indebtedness and provided incremental liquidity to fund their continued growth.  The four-year facility will mature in May 2017.

 “The Company’s long-standing history, the leadership position, and the market reputation their products have clearly demonstrated their unique and defensible market position. Throughout the process, we were very impressed with the company. Lok Home and his team have built Robbins into a global leader for excavating machinery in the tunneling sector. We are very excited to be working in partnership with them and providing financing to support such an outstanding company and management’s business plan”, commented Andrew Hettinger, Managing Director at Crystal Financial.

 “The professionals at Crystal Financial did an outstanding job executing this transaction, taking the time to develop an in-depth understanding of our business and the overall industry, as well as our unique requirements”, Lok Home, CEO and principal shareholder of Robbins said.

“Crystal Financial invested significant time to understand a unique and complex global business.  The Crystal deal team delivered everything they committed to and showed tremendous flexibility in structuring the refinancing. Their execution was seamless and effective,” added Matt Michael, Managing Director at FTI Consulting, who advised Robbins on their refinancing.

About The Robbins Company, Inc.
With more than 60 years of innovation and experience, The Robbins Company is the world’s most experienced developer and manufacturer of advanced, underground construction machinery. Robbins has been involved in hundreds of tunnel boring projects around the world and offers an extensive range of underground excavation equipment. To learn more, please visit http://www.therobbinscompany.com

About Crystal Financial
Crystal Financial 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.

Banking the Underbanked

According to FDIC estimates, 14% of the U.S. population is considered “underbanked” and does not have access to traditional financial tools such as a checking account or revolving credit (i.e. credit cards).  This market of 43 million people has historically been served with unsecured loans from payday lenders with APRs that can often be in excess of 100% (due to the combination of high fees and short tenor).  

Borrowers are typically classified as subprime if they have a FICO credit score below 660.  This can be due to limited debt history, excessive debt, missed payments, defaults or judgments, etc.. However, lenders today are increasingly distinguishing between subprime borrowers with poor credit history from those with little (“thin-file”) to no credit history (“no file”).  The former may depend upon on payday lending while the latter thin-file / no-file group is beginning see additional, lower cost options available.  Regardless of classification, these consumers need credit solutions to meet day-to-day expenses, make large one-time purchases or to finance unanticipated needs (e.g. medical expenses).  In fact, more than one in five Americans, according to a September 2012 poll hosted by the National Foundation for Credit Counseling (NFCC), say they could not make ends meet without access to alternative lenders. 

Looking to capitalize on the credit demands of this large, growing and underserved demographic, many entrepreneurs have established new lending platforms solely focused on this underbanked segment.  While these entrepreneurs have been able to raise equity capital given the attractive industry growth dynamics, accessing debt capital to finance their companies has been more challenging.   Debt capital for these businesses has been scarce as:  

• Many lenders provide either unsecured or longer term credit contracts (many with durations in excess of six months) containing only a contractual obligation for repayment but with no specific collateral or security. These long term contracts are by definition difficult for traditional banks to finance.

• Many subprime lenders operate in an uncertain regulatory environment in which competing regulatory agencies may assert jurisdiction.  These lenders may attract more oversight given the higher APR inherent in their business models and the regulated collections practices commensurate to the demographic served (i.e, higher risk of default).   Such regulatory agencies may be either at the federal level (i.e., Consumer Finance Protection Bureau or the US Congress) or at the state level (i.e., Attorney General).  Due to the complexity of the regulatory environment and the fear that legislators could impose interest rate caps or penalties on higher subprime lenders, traditional commercial banks generally prefer not to provide credit to these businesses.  

• Many subprime credit providers are in the earlier stages of their life cycle and therefore haven’t yet demonstrated substantial profitability or have significant historical track records, both of which are challenging for more traditional regulated banks to underwrite.   

Crystal Financial’s (“Crystal”) focus is on providing innovative debt capital solutions to companies that may experience difficulties obtaining capital from more traditional venues.  One of the firm’s core strengths is the ability to underwrite deals in industries that are highly regulated and/or operate in complex environments as well as those that operate in international jurisdictions. Crystal has provided loan facilities to many companies in this sector and is intimately familiar with the underwriting and credit challenges faced by these rapidly growing subprime lending organizations.  

Lending to subprime credit providers requires:

• a detailed knowledge of the complex and evolving regulatory environment 
• the ability to accurately analyze underlying consumer portfolios (i.e., static pool loss statistics, projected long-term collections, etc.)
• understanding the viability of the business model (i.e., the underlying cost to acquire new customers relative to portfolio return dynamics)
• an understanding of the underlying portfolio underwriting, credit extension and collections practices relative to compliance with state and federal oversight and regulation.

Crystal’s recent clients in this sector include:

• A publicly traded merchandise leasing company that offers unsecured amortizing personal loans from $500 to $5,000, as well as other services such as check cashing and prepaid cards.  Crystal provided a CAD$20.0 million first lien term loan secured by the company’s consumer loan receivables in order to provide capital required to fund further growth in this division.

• A leading provider of high APR automotive title loans to consumers in several Western states. This company was outgrowing its existing local bank relationship and required a new lender who could support its rapidly growing consumer loan portfolio. Crystal increased the company’s revolving credit facility with a $45 million facility.

• A company that offers unsecured loans of $250 to $2,500, usually repaid over a term of 10 to 12 months that primarily targets the “thin filed” Hispanic community. Crystal provided debt capital to facilitate further portfolio growth. 

Stephen Krawchuk Managing Director

With 20 years of corporate finance and investing experience, Stephen Krawchuk is a managing director who oversees Crystal’s Los Angeles office. 

Prior to joining Crystal, he was a senior vice president at Contrarian Capital Finance. He was the Western Regional Marketing Director for Wachovia Capital Finance, a director with Deutsche Banc Alex. Brown, and a Director with Greyrock Capital. He began his finance career with Foothill Capital in Los Angeles, after attaining his CPA with PriceWaterhouse. 

He is a graduate of the Eller School of Entrepreneurship and Management and received his BA in accounting and finance from the University of Arizona. Krawchuk currently serves on the Board of Directors for the Los Angeles chapter of the Commercial Finance Association.

CRYSTAL FINANCIAL LLC ACQUIRED BY SOLAR CAPITAL LTD.

Firm Well Positioned for Future Growth

Boston—January 15, 2013— Crystal Financial LLC (“Crystal”) announced today that it has been acquired as a portfolio company by Solar Capital Ltd. (“Solar Capital”), a publicly-held business development company focused on lending to middle-market companies. Crystal will continue to operate as an independent commercial finance company. Crystal has achieved a long and established presence in the secured debt capital markets.  Its team has operated together for over 15 years and is highly regarded for its commitment to the middle market and ability to underwrite secured debt commitments across a wide variety of industries.

“Becoming a portfolio company of Solar Capital is an exciting outcome for Crystal,” said Ward Mooney, Chief Executive Officer of Crystal Financial LLC.  “We have known their team for many years, and we share their core values.  Our new ownership provides us with long-term capital and a broader product offering, which will enhance our ability to meet the financing expectations of our clients.  Our affiliation with the Solar Capital platform will create many exciting opportunities to expand our business.”

“The Crystal team has an outstanding reputation as a consistent originator and manager of secured debt capital.  Their ability to originate and structure solutions for middle-market companies is well-regarded throughout our industry,” noted Michael Gross, Chairman and CEO of Solar Capital.  “We are extremely excited about this investment.”

“Our origination team looks forward to its new affiliation with Solar Capital. The incremental capital will strengthen our ability to assist our clients in achieving their strategic and financial objectives,” commented Steve Migliero, Senior Managing Director and Head of Business Development and Originations. 

About Crystal Financial LLC
Crystal Financial 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 have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.

About Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities. For more information, please visit www.solarcapltd.com.

Media Contact 
For further information, please contact Peter Duckler (424.278.1592, pduckler@comblu.com) or
Pamela Flores (312.423.4914, pam@comblu.com) at ComBlu. 

Solar Capital Ltd. Agrees to Acquire Crystal Financial LLC

NEW YORK--(BUSINESS WIRE)-- Solar Capital Ltd. (NASDAQ:SLRC) (“Solar Capital”) today announced that it has entered into a definitive agreement, dated December 17, 2012, with SSP Energy Ltd., Quartz Managers LLC and Quantum Strategic Partners Ltd. to acquire Crystal Capital Financial Holdings LLC (“Crystal Financial”), a commercial finance company focused on providing asset-based and other secured financing solutions. Crystal Financial’s management team, including while at prior businesses, has underwritten and closed more than $20 billion of transactions for its clients since 1993.

Solar Capital expects to invest approximately $275 million to effect the acquisition. The current management team of Crystal Financial has committed to lead Crystal Financial going forward and will also make a meaningful investment as part of the transaction. Solar Capital expects that its acquisition of Crystal Financial will be immediately accretive to net investment income.

Crystal Financial currently oversees a directly originated and underwritten, diversified portfolio of 23 loans having a total par value of approximately $400 million at November 30, 2012. Solar Capital believes that Crystal Financial’s business of assisting issuers with unique financing needs offers the potential for attractive returns irrespective of economic or debt capital market conditions.

Solar Capital expects to fund its investment in Crystal Financial with available liquidity, including borrowings under Solar Capital’s existing credit facilities. Solar Capital’s investment, together with Crystal Financial’s current available liquidity under its $275 million credit facility, provides Crystal Financial with significant growth capital. Crystal Financial’s credit facility is expected to have approximately $145 million of borrowings outstanding at closing and is non-recourse to Solar Capital.

Post-closing, Solar Capital expects Crystal Financial to be treated as a pass-through entity for tax purposes and to distribute a substantial portion of its current earnings to Solar Capital on a quarterly basis. Solar Capital expects its investment in Crystal Financial to generate a cash yield consistent with other assets in its portfolio.

“We believe that Crystal Financial offers a compelling opportunity for us to invest in an established business whose management team has an exceptional track record,” said Michael Gross, Chairman and CEO of Solar Capital. “We have known the Crystal Financial management team over the course of our careers and have confidence in their long-term strategy for prudently growing their business.”

“We believe that this portfolio company investment offers a highly attractive and diversified senior secured risk-return profile for Solar Capital,” said Bruce Spohler, Chief Operating Officer of Solar Capital. “We expect that our Crystal Financial investment will move us toward our target debt-to-equity ratio while increasing Solar Capital’s net investment income.”

“We are excited about our new relationship with Solar Capital and the growth opportunities it presents,” said Ward Mooney, Chief Executive Officer of Crystal Financial LLC. “Solar Capital’s stable, long-term funding will enhance our ability to provide innovative financing solutions to our clients. The continued independence of our business operations will allow us to remain committed to the core values that have defined our long-term, collaborative partnerships with clients.”

The acquisition is subject to customary closing conditions, including the expiration of the applicable waiting period under the Hart Scott Rodino Act, and is expected to close prior to year end. Deutsche Bank Securities Inc. acted as financial advisor to Crystal Financial for the transaction. 

ABOUT CRYSTAL FINANCIAL LLC
Crystal Financial LLC is a commercial finance company that primarily originates and underwrites asset-based and other secured custom solutions for clients that operate across diverse industries. Crystal Financial is headquartered in Boston, Massachusetts, with satellite offices in Chicago, Atlanta, and Los Angeles. The firm’s Chief Executive Officer, Ward Mooney, and Chief Credit Officer, Michael Pizette, each have over 20 years of specialty lending experience.

ABOUT SOLAR CAPITAL LTD.
Solar Capital Ltd. is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Solar Capital invests primarily in leveraged, middle market companies in the form of senior secured loans, mezzanine loans, and equity securities.

Contacts
Solar Capital Ltd.
Richard Pivirotto, 212-994-8543

Will ABL Become Investment Grade?

By: Ward Mooney, Chief Executive Officer, Crystal Financial

Back in the spring of 2000, in a conversation over dinner with my good friend and industry colleague, I predicted that yields in the world of asset-based lending would begin to slowly return to the “good old days” and therefore our industry would be able to achieve our traditional financial returns during the next decade.  My friend was skeptical that there would be a return to the “good old days,” and we made a bet on where spreads would go over the next several years.  It did not take long for both of us to realize that Peter had clearly won the bet. 

The asset-based lending industry has been on a methodical and steady journey towards enhanced respectability with the capital markets, as well as broad transparency in the risks associated with true asset-based underwriting.  Asset-based lending is now perceived as a “flight to quality” as lenders in diverse institutions allocate capital using complex risk/reward models.  This new reality is not necessarily a direct result of the financial crisis that may continue to redefine lending policies, but more the result of a heightened understanding of the value of an issuer’s assets, and the appraisal expertise that has developed during the last twenty years, that clearly articulates the downside risks associated with the asset valuations, and strategies to mitigate the risk of declining value. 

Asset-based loans have become a preferred underwriting, both for the lending institution whose primary objective is to manage risk while enhancing revenue, and for the issuer who wishes certainty of execution at the best possible price.  Asset-based loans have finally become a respected security that is now aggressively pursued, and respected within the capital markets.  The market is assessing the perceived risk of an asset-based underwriting that has not been fully appreciated in the broad capital markets and possibility of risk of loss.

It would appear that asset-based loans are on a path to become a true security that will be easily traded (no covenants), and distributed to investors who appreciate the risk/return that have existed for over 30-years in the asset-based lending community.

It has been a long and remarkable journey for the asset-based lender.  Once relegated institutionally, and within the industry as “lenders of last resort,” the asset-based lending teams are now highly respected providers of flexible and low prices debt capital.  Ten years ago investors and buyout firms discovered for the first time, that an asset-based debt execution not only provided, in most cases, more capital than the traditional cash flow execution, but also that the structure, economics and flexibility (dividends) were extremely advantageous to returns and capital turnover.  

Today, responding to the unprecedented demand for assets and some yield, financial institutions are competing vigorously for asset-based paper, not only first lien secured, but also second lien secured.  The recent successful, over-subscribed second lien underwriting by the asset-based lending community for BJ’s Wholesale Club is a remarkable example of the effectiveness and depth of the asset-based execution.

The debt capital markets now recognize asset-based underwriting as a highly sought after security that performs with certainty and can be distributed effectively to a wide variety of investors.  Underwritings now utilize a sophisticated, transparent valuation process for assets which is continually updated to withstand various micro and macro economic uncertainties.  In addition, large accessible databases now exist that allow for high and predictable advance rates to be ascribed to a wide variety of asset classes which can include accounts receivable, inventory, real estate, leases, equipment and intangible assets.

Asset-based lending is now monetizing the left side of the corporate balance sheet and creating an opportunity for a market eager for yield to invest with confidence.  If this trend continues there is a possibility that the mutual fund industry will create “floating asset-based debt funds” as an alternative to other bank loan funds and high yield funds. 

Is asset-based lending on a path to the big leagues?

 

Crystal Financial Provides A Loan To Facilitate The Purchase of The Kraus Group Of Companies

Boston—October 31, 2012—Crystal Financial LLC, an independent commercial finance company, announced today it has provided a CAD $40 million loan facility—in the form of senior secured debt—to Red Ash Capital LP, a company associated with Hilco UK Limited to facilitate the acquisition of The Kraus Group of Companies.

Based in Waterloo, Ontario, The Kraus Group of Companies is a vertically integrated manufacturer of premium carpet for the commercial and residential markets and a distributor of flooring products in North America and Australia. The business has a 25 acre manufacturing facility in Waterloo,  and factories in Dalton, Georgia and Brisbane, Australia, together with a further seven distribution centers across North America. The business employs approximately 1,000 people.

“The overarching goal of the financial structure we put into place was to provide the Company with the necessary liquidity to engineer the revitalization of The Kraus Group of Companies,” noted Michael Pizette, Senior Managing Director and Chief Credit Officer with Crystal Financial. “It was a multifaceted transaction with both process and geographic complexity that truly required high-level strategic thinking.”

“The transaction had the added complexity of needing to close in a very short timeframe,” added Pizette. “We were able work through an extensive amount of due diligence to underwrite the financing in a three-week time period. We are proud to have played a role in supporting the firm.”

 “There are very few financial partners who could have navigated this turnaround and the unusual aspects of a transaction of this complexity” said Chris Emmott, Investment Director at Hilco UK Limited. “The Crystal team was very thoughtful and worked diligently to get past the numerous challenges we faced in structuring this deal. We look forward to partnering with them again in the near future."

About Crystal Financial
Crystal Financial 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 have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com

easyhome Ltd. Announces New Credit Facility to Support the Growth of its Consumer Finance Business

easyhome Ltd. Announces New Credit Facility to Support the Growth of its Consumer Finance Business

Mississauga, ON (October 4, 2012) - easyhome Ltd. (TSX: EH) (“easyhome” or the “Company”), Canada's largest merchandise leasing company and a growing provider of financial services, today announced it has entered into a new $20 million credit facility with Crystal Financial LLC as Administrative Agent to support the growth of easyhome’s consumer finance business, easyfinancial Services.  In conjunction with this financing, the Company has amended the terms and extended the maturity date of its revolving operating facility with a syndicate of banks.  These actions, when taken together, will provide the Company with the capital necessary to achieve its growth objectives as it continues to build upon positive momentum in its easyfinancial Services business.

The Company launched easyfinancial Services in 2006 to provide term financing to consumers who are looking for alternatives that are more readily accessible than banks and less costly than payday loans. Over the past 24 months, easyfinancial Services has tripled the size of its consumer loans receivable portfolio to $60 million at September 30, 2012.  The additional capital secured today will allow easyfinancial Services to continue its growth and build upon its leadership position as an alternative provider of term financing to consumers.

The new five (5) year credit facility is comprised of a $20 million term loan and will provide the capital necessary to continue growing the consumer loans receivable portfolio.  Borrowings are at 10.50% over the Canadian Bankers’ Acceptance rate and are secured by a first charge on the assets of the Company’s wholly-owned subsidiary, easyfinancial Services Ltd., and a second charge on substantially all of the other assets of the Company and its subsidiaries.  The term loan allows for up to $10 million of increased borrowings as the consumer loans receivable portfolio grows, subject to lender approval. 

Concurrently, the Company has revised the terms of its existing revolving facility with a syndicate of Canadian banks to allow for the new easyfinancial Services term loan and to extend the revolving facility’s maturity date to October 4, 2015.  The revised and extended revolving facility has a maximum limit of $35 million, reducing to $30 million on October 5, 2013, and will bear interest at the lead lender’s prime rate plus 150 to 250 bps, depending on the Company’s total debt to EBITDA ratio.  The revolving facility is fully secured by a first charge on substantially all of the assets of the Company and its subsidiaries, excluding easyfinancial Services Ltd. and a second charge on the assets of easyfinancial Services Ltd.  Canadian Imperial Bank of Commerce continues as the lead arranger and lender and the continuing other members of the syndicate are National Bank of Canada and Laurentian Bank of Canada.

“Crystal Financial has worked hard to develop a financing package that meets the needs of easyhome.  The new term loan will allow us to capture more of the demand for alternative sources of consumer financing in the Canadian marketplace and continue growing our financial services businesses,” said Steve Goertz, easyhome’s Chief Financial Officer.  “Additionally, we are pleased that CIBC and our other banking syndicate partners continue to have confidence in our business, as demonstrated by accommodating the new term loan and extending our current banking relationship for a further two year period.”

Steve Migliero, Senior Managing Director of Crystal Financial commented, “We are pleased to act as agents on this new term loan facility for easyfinancial Services, which provides additional loan capacity for management to execute on an important strategic initiative.  With this new financing commitment, we believe the Company will be well positioned as an industry leader,” Added Christopher Arnold, Managing Director of Crystal Financial, “easyfinancial Services, Inc. provides consumer loans to an underserved segment of the Canadian marketplace.  We are particularly impressed with the management team, their systems and the prospects for growth that our new capital will support.”


About easyhome

As of October 4th, easyhome Ltd. operated 206 easyhome leasing stores (including 8 consolidated franchise locations), 101 easyfinancial locations and had 47 franchise locations.

easyhome Ltd. is Canada's largest merchandise leasing Company and the third largest in North America, offering top quality, brand-name household furnishings, appliances and home electronic products to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. In addition, the Company offers a variety of financial services, including loans and prepaid cards through its easyfinancial Services business. easyhome Ltd. is listed on the TSX under the symbol 'EH'. For more information, visit www.easyhome.ca.

About Crystal Financial

Crystal Financial is an independent commercial finance company that provides senior and junior secured term asset-based and cash flow loans ($10 million to $150 million) to middle market companies, either as a direct lender or in partnership with banks, other ABL lenders or private equity investors.  The company has a unique ability to lend on alternative or unusual assets such as intellectual property or brand names. Its team of experienced, responsive professionals have 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.

 
TSX Symbol:  EH
easyhome Ltd.
33 City Centre Drive
Suite 510
Mississauga, Ontario
L5B 2N5  Canada
Tel: 905-272-2788
Fax: 905-272-9886 

Crystal Financial Promotes Joshua Franklin & Evren Ozargun

Boston, October 2, 2012—Crystal Financial LLC, an independent commercial finance company, announced today the promotion of two members of its senior management team:

Joshua Franklin will assume the newly-created position of Chief Operating Officer (COO).  In this role, Franklin is responsible for the management of various critical operational functions for the firm, including finance, CRM, HR and compliance.  He joined the Crystal team in 2006, and has served as Managing Director and Team Leader in the underwriting and portfolio management group since 2010.  Prior to joining Crystal, Franklin was a director at Citizen’s Capital Inc. He is a graduate of Towson University and Babson College.

Evren Ozargun, a Managing Director at Crystal, will be a Team Leader, in the underwriting and portfolio management group.  In addition to leading his team, Ozargun will continue to execute complex debt capital financings, incorporating both asset-based and cash flow underwriting disciplines.  He came to Crystal in 2006 from Wells Fargo Retail Finance.  Ozargun is a graduate of Babson College.

“Josh and Evren are seasoned and dedicated finance professionals who serve as key members of the Crystal team,” said Ward Mooney, President of Crystal Financial.  “We are pleased to announce their promotions, as they reflect the continued success of Crystal and position the firm for significant growth and expansion.  We look forward to their continued leadership and contributions.”

About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured term asset-based and cash flow loans ($10 million to $150 million) to middle market companies, either as a direct lender or in partnership with banks, other ABL lenders or private equity investors.  The company has a unique ability to lend on alternative or unusual assets such as intellectual property or brand names. Its team of experienced, responsive professionals have 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.

MEDIA CONTACTS
Pam Flores
ComBlu
(312) 649-1687
pam@comblu.com 

Crystal Financial Increases Its Debt Capacity

Deutsche Bank extension of the firm’s credit line enhances liquidity and flexibility

Boston—October 16, 2012—Crystal Financial LLC, an independent commercial finance company, announced today that it has expanded its existing credit facility with Deutsche Bank.   The increase in the line of credit from $200 to $275 million will provide incremental liquidity, enhance advance rates, and offer the additional flexibility necessary to enable Crystal to effectively tailor its lending solutions to meet the current needs of its middle market clients.

“Deutsche Bank has been an important partner to Crystal over the past several years,” noted Joshua Franklin, Chief Operations Officer at Crystal Financial.  “The additional capacity and resulting flexibility afforded by this amendment will allow us to achieve our strategic and financial objectives.”

About Crystal Financial
Crystal Financial 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 funding) to middle-market companies.   Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.   For more information and media contacts, please visit www.crystalfinco.com.

 

 

Crystal Financial Provides Loan For Acquisition of Freedom Communications


Boston—August 8, 2012—Crystal Financial LLC, an independent commercial finance company, announced today that it has provided a senior secured term loan to support the acquisition of Freedom Communications, Inc. by 2100 Trust LLC. 2100 Trust is a group of entrepreneurs and former media executives who seek to invest in media properties and utilize their expertise and operational knowledge to implement performance improvements. 

This deal represents the final disposition of Freedom’s newspaper assets and includes the purchase of the Orange County Register, the Pacific Community Group and the Colorado Springs Gazette. 

“This was a complex transaction with a short timeline that required accelerated diligence,” noted Andrew Hettinger, Managing Director with Crystal Financial. “Our deal team worked closely with 2100 Trust and management of Freedom to create a structure that worked for all parties. Throughout the process, we were impressed with the operating strategy, discipline and industry knowledge of all of the professionals involved. We were thrilled to see the transaction come together so successfully.”

“There are very few financial partners who can move with the speed, discipline and fairness that Crystal did in helping us acquire such marquee media properties as the Orange County Register,” commented Aaron Kushner, CEO of 2100 Trust and Freedom Communications. “Their team was a pleasure to work with as the inevitable questions and challenges arose in the diligence and closing process." 

About Crystal Financial
Crystal Financial 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 have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.

 

Getting to Yes When Banks Say No -

Getting to Yes When Banks Say No - Bifurcated Collateral Loans Provide Incremental Liquidity

By Steven Migliero

ABF_September_2012.pdf

SPOTLIGHT Q&A

Crystal Financial on competition, regulatory change and tax-driven activity in the middle market.  Crystal Financial spoke with Thomson Reuters LPC to discuss middle market lending. 

To read the full article click here QA_Reuters_September_2012.pdf

Crystal Financial Provides Acquisition Financing to Transportation Management Services

Funds Facilitate Purchase of Key Assets of Coach America Holdings

Boston—September 25, 2012—Crystal Financial LLC, an independent commercial finance company, announced today it has provided a $33 million loan facility to support the acquisition of certain assets and operations of Coach America Holdings, Inc. (Coach America) by Transportation Management Services (TMS).  Headquartered in Sandy Springs, Maryland, TMS is a leading transportation management firm that provides transportation logistics and technology solutions for complex events in the commercial and government sectors.

The loan facility, which includes a $23 million term loan and a $10 million revolver, will be used to purchase Coach America’s intra-city units, which provide contract transportation work for events, tours and cruise ships.  With this acquisition, TMS becomes the third largest charter bus company in the United States.

“The acquisition of the intra-city units of Coach America provides TMS the opportunity to accelerate plans to increase its market position as a large-scale contract and charter bus operator,” commented Andrew Hettinger, Managing Director with Crystal Financial. “In addition, TMS has regularly subcontracted with Coach America over the past several years, so the management team was very familiar with the company’s operations.

“This was a highly structured transaction requiring streamlined diligence and negotiation, continued Hettinger. We were happy to see the transaction come together so successfully and to play a role in the continued success of TMS.” 

“There are very few financial partners who could have navigated this transaction with us so well,” noted Frank Sherman, Chairman and CEO. “This acquisition will enable us to deliver on our plans to expand our presence in key transportation markets and grow our overall service offering. The Crystal team was flexible and creative throughout the expedited diligence and closing process."

The acquired assets and operations from Coach America will provide TMS with further market expansion in Los Angeles, San Francisco, San Diego, Phoenix, Las Vegas, Denver, Houston, Miami, West Palm Beach, Fla., Orlando, Fla., Jacksonville, Fla., Charlotte, N.C., Winston-Salem, N.C., Raleigh-Durham, N.C., and Jacksonville, N.C.

Houlihan Lokey acted as exclusive financial advisor and sole placement agent to TMS.

About Crystal Financial
Crystal Financialis 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 have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.

About Transportation Management Services, (TMS)
Since 1995, Transportation Management Services, Inc. (“TMS”) has assisted more than 1,000 clients in successfully transporting more than 34 million passengers across the United States and around the world. TMS remains a company that is dedicated to providing the highest level of service for its clients. TMS has expertise in planning for and managing event transportation with unique insight into related functional areas such as project planning, detailed operational planning and variable demand. A key strength of TMS is to remain flexible in the face of changing demands while maintaining high quality customer service. Through its Horizon Coach Lines and Cabana Coaches subsidiaries, TMS provides bus charters, local sightseeing tours, convention shuttles and contract services in select markets throughout North America, including gateway locations in Seattle, Vancouver, Victoria, Los Angeles, Houston, Washington, DC, and Miami. 

Junior Capital's Roles in Debt Financings - A Roundtable Discussion

The Rountable Participants are:

Cheryl Carner, Managing Director of Crystal Financial

David Gaito, Regional Marketing Manager and Senior Vice President of PNC Business Credit

Leonard Sheer, Managing Director & Head of Debt Capital Markets at Cowen & Company

Timothy Tobin, Managing Director of Corporate Retail Finance at GE Capital

 

Click to read article 

Crystal Financial Provides Financing to Megapath Inc.

Boston – July 24, 2012 – Crystal Financial LLC, an independent commercial finance company, announced today that it has served as the Co-Arranger on a $165 million senior secured term loan facility to MegaPath, Inc., a portfolio company of Platinum Equity. The proceeds of the loan were used to refinance existing debt.

“Supporting middle market companies and private equity sponsors with flexible and timely financial alternatives is a core capability of Crystal’s business model,” said Stephen Krawchuk, Managing Director with Crystal Financial. “We are pleased the financing came together so well and that we were able to find a solution that met MegaPath’s objectives.”

MegaPath is a leading national provider of bundled managed services and IP broadband access solutions for small-to-medium sized businesses, as well as enterprise level customers. 

“Crystal understood our goals and helped deliver a financing package that will optimize MegaPath’s debt capital structure,” said Adam Cooper, Senior Vice President at Platinum Equity.  “This refinancing will reduce the company’s cost of capital as MegaPath continues focusing on efforts to grow and expand its business through the development of new products and investment in its national network.”

Utilizing its state-of-the-art MPLS network, MegaPath serves over 60,000 customers in 44 states and 235 major metropolitan areas.  Working with MegaPath, customers have access to a full range of high speed and cost effective access products which are bundled with VoIP, security and managed services, across one of the largest Ethernet, DSL and T-1 footprints in North America.

About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured revolvers and term loans for both asset-based and cash flow financings ($10 million to $150 million) to middle-market companies.  Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com

Steve Migliero interviewed by Duff & Phelps for the Q2 12 Junior Capital Insights.

Duff__Phelps_Junior_Capital_Insights_Q212.pdf

Crystal Financial Expands Responsibilities for Colin Cross and Steve Migliero

Boston, July 17, 2012—Crystal Financial LLC, an independent commercial finance company, announced today the expansion of the roles of two members of its senior management team:

* Colin Cross, Senior Managing Director, will manage a newly created position focused on directing new strategic and corporate finance initiatives that will continue to position Crystal as a leading commercial specialty finance company. Cross will also continue to manage Crystal’s Chicago office and serve on the firm’s investment and management committees. Cross joined the Crystal team in 1998 as a managing director at Back Bay Capital.

* Steve Migliero, Managing Director, will lead Crystal’s business development and origination strategies. Reporting directly to Migliero are Andrew Hettinger, Managing Director- Atlanta, Stephen Krawchuk, Managing Director- Los Angeles, and Cheryl Carner- Managing Director, Boston. Migliero joined the Crystal team in 2006 after completing ten years with GE Sponsor and Commercial Finance.

“Crystal’s core capability of providing innovative debt solutions to middle-market companies has truly flourished since inception,” commented Ward Mooney, President. “This growth has compelled us to implement several new strategic initiatives that will require Colin’s experience and management.”

“Steve will now manage and expand our extensive market outreach efforts. Colin and Steve have both been an important part of Crystal’s success. We are pleased to announce their new roles and look forward to their continued contributions.”

About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured term asset-based and cash flow loans ($10 million to $150 million) to middle market companies, either as a direct lender or in partnership with banks, other ABL lenders or private equity investors. The company has a unique ability to lend on alternative or unusual assets such as intellectual property or brand names. Its team of experienced, responsive professionals have 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.

MEDIA CONTACTS
Pam Flores
ComBlu
(312) 649-1687
pam@comblu.com


 

Colin Cross interview with Thompson Reuters

Colin Cross was recently interviewed by Thompson Reuters. Click the link below to view the video.

http://reut.rs/KqoPLl

 

 

Baubles, Beechcrafts & Brand Names: Lending Against Untraditional Assets

ABF Journal April 2012 By Cheryl Carner & Josh Franklin

Click here for full story ABF_04-12_Lending_Against_Untraditional_Assets_CHC__JF.pdf

Crystal Financial Announces Three Promotions & Two New Hires

BOSTON, March 28, 2012—Crystal Financial LLC, an independent commercial finance company, announced today the promotion of three professionals in the Boston office:

* Evren Ozargun was named Managing Director. In this role, Mr. Ozargun is responsible for underwriting, structuring and portfolio management. He has been with the Crystal team since 2006, joining the firm from Wells Fargo Retail Finance. Mr. Ozargun is a graduate of Babson College. Transactions he has been actively involved in include MegaPath, Piggly Wiggly, Annett Holdings, and Halifax Media Group.

* Rebecca Tarby was also made a Managing Director. Ms. Tarby joined Crystal in 2006 from Fleet M&A Advisors, and is responsible for underwriting, structuring and portfolio management. A graduate of Boston College, she is also on the Board of Ultra Stores, Inc. She has led the underwriting of numerous transactions at Crystal, including Ritz Camera, CRS Processing and American Apparel.

* Tyler Harrington was promoted to Assistant Vice President. Mr. Harrington joined Crystal in 2010 and assists in underwriting and managing a portfolio of secured loans. He is a CFA Charterholder and holds a B.S. in finance from Bentley University. Mr. Harrington previously worked at Cambridge Associates and also is a member of the Boston Security Analysts Society. Petrowest, Borders, TouchTunes and Wheels Financial are some of the debt facilities that he has been actively involved with during his tenure at Crystal.

Mr. Ozargun and Ms. Tarby will continue to execute complex debt capital financings incorporating both asset-based and cash-flow underwriting disciplines. Along with Mr. Harrington, they also will continue to actively manage the day-to-day needs of our portfolio.

Crystal Financial also is pleased to announce two new hires, also in the Boston office:

* Jason Andreotes joined Crystal Financial as an Assistant Vice President, responsible for working with deal teams in the underwriting, structuring and account management of loan investments. Mr. Andreotes is a CFA Charterholder, holds a B.S. in finance from Providence College, and an M.S. in finance from the Carroll Graduate School of Management at Boston College. He previously worked at NewStar Financial, Inc. and Raytheon.

* Timothy Lawlor joined Crystal Financial as an Associate responsible for assisting deal teams in the underwriting, structuring and account management of loan investments. Mr. Lawler holds a B.S. degree from the Carroll Graduate School of Management at Boston College, and previously worked at Goldman Sachs.

“Evren, Rebecca and Tyler are dedicated finance professionals who have played an instrumental role in Crystal’s growth and we look forward to their continued success” said Michael Pizette, Chief Credit Officer of Crystal Financial.  In addition, we are also very pleased to announce the appointments of Jason and Tim and look forward to their contributions.”

About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured term asset-based and cash flow loans ($10 million to $150 million) to middle market companies, either as a direct lender or in partnership with banks, other ABL lenders or private equity investors. The company has a unique ability to lend on alternative or unusual assets such as intellectual property or brand names. Its team of experienced, responsive professionals have 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.

MEDIA CONTACTS
Pam Flores
ComBlu
(312) 649-1687
pam@comblu.com

American Apparel, Inc. Replaces Revolving Credit Facility and Amends and Extends Maturity of its Second Lien Loan

LOS ANGELES--(BUSINESS WIRE)-- American Apparel, Inc. (NYSE Amex:APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel, announced it has replaced its existing $75 million senior credit facility that was due to expire in July 2012 with a three year $80 million Senior Credit Facility (the "Credit Facility") with Crystal Financial LLC as Administrative Agent and Salus Capital Partners, LLC as Documentation Agent. In addition, the Company has amended and extended the maturity of its second lien credit facility with Lion Capital, LLP and affiliates (the "Second Lien Loan"). These actions, when taken together, will provide the Company with additional borrowing capacity and financial flexibility as it continues to build upon recent positive momentum in its business.

The Credit Facility is composed of a $30 million term loan with the balance of the commitment being provided as revolving credit. Borrowings are at 900 basis points over the LIBOR rate and are secured by substantially all of the assets of the Company. The Credit Facility matures on March 13, 2015.

The Company has also extended the maturity date of the Second Lien Loan by two years to December 31, 2015, and has negotiated an easing of the minimum EBITDA financial covenant of the Second Lien Loan. In addition, the Company has agreed that with respect to interest accruing from and after September 1, 2012, it will pay a minimum of 5% of each interest payment on outstanding principal under the Second Lien Loan in cash (with the remainder of its interest being paid in cash or accrued, at the election of the Company). In connection with the extension, the Company agreed that if it fails to maintain specified minimum quarterly EBITDA targets as defined in the extension amendment the exercise price of Lion's outstanding warrants will be reduced by $0.25. The Company also extended the maturity of the warrants by four years.

Comment of Dov Charney, Chairman and CEO of American Apparel, Inc.

"These financial agreements, coupled with improved financial performance, will provide added flexibility in delivering upon our operating plan for 2012 and beyond. We have made steady progress in building sales and improving our financial performance in the past year; securing the refinancing of our debt should provide our stakeholders with confidence about our ability to continue our momentum and deliver upon our commitments. We have significant goals for our 2012 performance and so far we are off to a good start.

Crystal Financial has significant retail experience, understands our business and has an appreciation of the significance of the recent improvements in our operating performance. We are fortunate to have them as a new business partner. Also, the vote of confidence and support from Lion Capital by way of the loan extension and other accommodations is also significant. We truly value their partnership."

Comment of Stephen Krawchuk, Managing Director of Crystal Financial LLC

"American Apparel has made great strides over the past year in improving its overall financial performance and we are pleased to be in a position to provide them with the financial flexibility needed to continue to build upon that momentum. The transactions announced today will provide an immediate benefit to American Apparel and we look forward to a long and mutually beneficial relationship with the Company."

Comment of John Luttrell, CFO of American Apparel, Inc.

"We had several objectives related to the refinancing of our capital structure. We wanted to replace our existing senior credit facility with a long-term facility at commercially appropriate rates with additional capacity. This Credit Facility meets all of those criteria. We also hoped to extend the Lion debt in a manner that would not dilute our equity shareholders and give us the added flexibility to ultimately take out this credit agreement as operating results continue to improve. The Lion amendment achieves this objective. With the actions taken today, we have a clear path for the next three years to concentrate on our business and deliver solid operating performance improvements. Our estimated cash flows fully support the added interest payments when compared to our prior senior secured facility. Most important, we have concluded that there is no longer substantial doubt about our ability to continue to operate as a going concern."

Financial Advisor

The Company engaged Cowen and Company as its financial advisor for these transactions.

About American Apparel

American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California. As of February 29, 2012, American Apparel had approximately 10,000 employees and operated 250 retail stores in 20 countries, including the United States, Canada, Mexico, Brazil, United Kingdom, Ireland, Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Israel, Australia, Japan, South Korea, and China. American Apparel also operates a leading wholesale business that supplies high quality T-shirts and other casual wear to distributors and screen printers. In addition to its retail stores and wholesale operations, American Apparel operates an online retail e-commerce website at http://www.americanapparel.net.

About Crystal Financial

Crystal Financial is an independent commercial finance company that provides senior and junior secured revolvers and term loans for both asset-based and cash flow financings ($10 million to $150 million) to middle-market companies. Its team of experienced, responsive professionals have underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information and media contacts, please visit www.crystalfinco.com.

MEDIA CONTACTS
For Crystal Financial:
Peter Duckler/Pam Flores
ComBlu
312-649-1687

Crystal Financial Provides Financing to The Gores Group for Recently Acquired Mexx International

Boston January 12, 2012 – Crystal Financial, LLC announced today that it has provided financing to The Gores Group, a leading Los Angeles-based private equity firm, to support its recent acquisition of Mexx International, a mid-market apparel retailer in Europe and Canada, from Liz Claiborne.

 “This was a complex deal because it involved extensive international operations with all collateral and cash flow domiciled outside of the U.S.,” said Stephen Krawchuk, managing director at Crystal Financial. “It also was affected by the uncertainties of the divestiture of Mexx by Liz Claiborne. These unusual circumstances are typical of many of Crystal’s debt financings.”

 “With its complications and unusual collateral, our capabilities were a perfect fit for the client’s needs,” concurred Colin Cross, senior managing director at Crystal Financial. “We are pleased to help The Gores Group take advantage of opportunities to build upon the strong positive attributes of the global Mexx brand.”

 Mexx is an international lifestyle brand that designs clothes and accessories for men, women and children. Mexx Canada operates 90 locations and sells its clothing line through both wholesale and retail channels.

 About Crystal Financial
Crystal Financial is an independent commercial finance company that provides senior and junior secured revolvers and term loans for both asset-based and cash flow financings ($10 million to $150 million) to middle-market companies. Its team of experienced, responsive professionals have 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 The Gores Group, LLC

The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, the Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.

CRYSTAL FINANCIAL CONTACT
Stephen Krawchuk
323-839-5526

MEDIA CONTACTS:
For Crystal Financal:
Peter Duckler/Pam Flores
ComBlu
312-649-1687

For The Gores Group
Frank Stefanik
310-209-3010

On the Left - Churchill interviews Ward Mooney, CEO of Crystal Financial

churchill-interview3.pdf

Restructuring and Bankruptcy Q&A with Crystal Financial

CrystalFinancial_RestructuringJan26_2012_doc.pdf

Crystal Financial Provides Financing to Great Lakes Aviation, Ltd.

Funds Used to Refinance Existing Credit Facility

Boston –December 13, 2011 – Great Lakes Aviation (OYCBB:GLUX) recently announced that it has  received a $34 million senior credit facility co-agented by Crystal Financial, LLC.  Based in Cheyenne, WY, Great Lakes Aviation, Ltd., operating as Great Lakes Airlines, is a leading independent regional airline which also operates as a codeshare partner with United Airlines and Frontier Airlines.  The company services 42 airports primarily in the High Plains and Rocky Mountain regions.

Steven Migliero, Managing Director of Crystal Financial, stated: “We are pleased to support the company and facilitate the refinancing of Great Lakes’ debt.  We have been very impressed by the management team and their ability to thrive and grow as a regional airline.”   

“We are looking forward to working with Steve Migliero, Joshua Franklin and the rest of the Crystal Financial team,” stated Doug Voss, President and Chairman of Great Lakes Aviation, Ltd.  “In reflecting on the work accomplished over the last three months, it is clear that their professionalism and diligent approach to underwriting will set the stage for a longstanding positive working relationship.”

Great Lakes Aviation, Ltd. was advised by Raymond James & Associates, LLC.

About Great Lakes Aviation, Ltd.
Based in Cheyenne, WY, Great Lakes Aviation, Ltd., operating as Great Lakes Airlines, is a leading independent regional airline which also operates as a codeshare partner with United Airlines and Frontier Airlines.  The company services 42 airports primarily in the high plains and rocky mountain regions through its existing fleet of 32 aircraft. For more information, please visit www.flygreatlakes.com

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20B in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit http://www.crystalfinco.com.

CRYSTAL FINANCIAL CONTACT
Steven Migliero, Jr.
617-428-8704

GREAT LAKES AVIATION, LTD. CONTACT
Michael Matthews
307-432-7000

Media:
Peter Duckler/Pam Flores
ComBlu
312-649-1687

Crystal Financial Revisited

Five Years Later and Three Times Charmed click on the link to read the latest interview with Crystal Financial

ABF_Journal_Nov_2011_article.pdf

Innovation in Asset-Based Lending

Trimingham_Article_The_Secured_Lender_November_2011.pdf

Crystal Financial Provides Financing to CRS Reprocessing, LLC

Funds Used to Support Growth CAPEX Financing

Boston July 19, 2011 – Crystal Financial LLC announced today that it has co-led a $30 million term loan for CRS Reprocessing, LLC (“CRS”) with THL Credit Inc.  Based in Louisville, KY, CRS is the technological leader in reprocessing industrial fluids through its on-site reprocessing facilities primarily to the solar and flat metal rolling industries.  With over 30 years of experience, CRS designs, builds, installs, operates and maintains the reprocessing infrastructure at its customers’ facilities to ensure a consistent, high-quality product with high-yield waste recovery while lowering unit costs.  CRS has operations throughout the U.S., Europe and Asia. 

Steven Migliero, Managing Director of Crystal Financial, stated: “We are excited to provide this financing to support CRS in its continued growth in the Philippines, Korea, and China. The Company is very well positioned to capitalize on growth in solar wafer manufacturing in both international and domestic markets. ”

“We are looking forward to working with the Crystal/THL team,” stated Todd Phillips, CFO of CRS.  “Crystal took the time to understand our global business platform, clearly communicated what it required to get our financing completed and helped keep the process moving as efficiently as possible towards an ultimate close.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit www.crystalfinco.com.

Crystal Financial Expands Team With Three Experienced Industry Professionals

Crystal Financial LLC Expands Team With Three Experienced Industry Professionals

Cheryl Carner, Mirko Andric and Jon Wyeth Join Crystal Financial’s Boston Office

Boston – July 12, 2011 – Crystal Financial LLC announced today that Cheryl Carner, Mirko Andric and Jon Wyeth have joined Crystal’s Boston Office.  This expansion further strengthens  Crystal’s team of highly experienced financial services industry professionals and enhances  Crystal’s middle market financing capabilities.   

Ward Mooney, CEO of Crystal, stated, “The addition of these three professionals not only reflects our commitment to becoming an important underwriter in the debt capital markets, but also enhances our commitment to build an outstanding firm.  We look forward to the contributions their skills will bring to our diverse client base.” 

Ms. Carner joins Crystal as a Managing Director.  “Cheryl is recognized as a leader in our industry and she brings exceptional financial expertise and strong strategic thinking to our management team”, stated Colin Cross, Senior Managing Director.  “Her outstanding experience will enable her to make significant contributions to the achievement of our financial and strategic objectives.”  Ms. Carner has over 14-years experience in cash flow and asset-based lending with various firms including GE Capital Franchise Finance, CapitalSource and Fleet Financial.

Mirko Andric joins Crystal as a Vice President and Jon Wyeth joins as an Associate in Crystal’s Investment Administration Group.   Mr. Andric has significant corporate debt experience, having previously worked for RBS Citizens, N.A., Freeport Financial LLC and Bank of Tokyo-Mitsubishi.  Prior to joining Crystal, Mr. Wyeth worked for Citizens Financial in their Corporate Strategy & Development group. “We are excited to have Mirko and Jon join the Crystal Financial team. They will enhance our team of highly experienced lenders, and we look forward to their contributions in the years ahead,” commented Michael Pizette, Senior Managing Director.

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20B in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit www.crystalfinco.com

Crystal Financial Provides Financing To Bell And Howell

Crystal Financial Provides Financing To Bell And Howell

Boston – July 7, 2011 - Crystal Financial LLC announced today that is has closed a $20 million term loan financing for Bell and Howell, LLC, an affiliated portfolio company of Versa Capital Management, Inc.  Crystal’s financing was part of a $55 million total credit facility co-agented by PNC Bank, National Association and will be utilized to support the growth and working capital needs of the organization.  Based in Wheeling, IL, Bell and Howell is a provider of solutions and services for paper-based and digital messaging solutions.

Josh Franklin, Managing Director of Crystal Financial commented: “Bell and Howell is very well positioned in the mail production solutions industry and has a large base of high quality, very loyal customers.  We are pleased to have partnered with both PNC Bank and Versa Capital Management to support the recapitalization of Bell and Howell, a company with a long history of leadership and innovation in its industry.”

“We appreciate the flexibility, speed, and creativity Crystal brought to the process,” stated Greg Segall, CEO of Versa Capital Management.  “The new Bell and Howell has all of its distractions behind them – and the products and service solutions are now the sole focus of the business.  The ability to focus on customers and their needs, and focus on products, is going to be a huge step towards the company obtaining a high level of success.” 

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20B in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit http://www.crystalfinco.com.

About Bell and Howell
Based in Wheeling, Illinois with operational centers in Durham, North Carolina and Bethlehem, Pennsylvania, Bell and Howell is the recognized leader in the development of superior production mail equipment and software technologies.  The Company designs and delivers flexible, high-performance mail production solutions and services that help its customers reduce costs, increase productivity and prepare for changes.  Bell and Howell’s expertise in high-speed inserting systems, postal and sorting systems, ADF software and vision systems, backed by an award-winning service organization, have earned the company a reputation for innovation, reliability and quality.

Crystal Financial Agents Term Loan to Petrowest Energy Services Trust

Boston June 16, 2011 – Crystal Financial LLC announced today that it has agented a C$47.9 million term loan for Petrowest Energy Services Trust (TSX: PRW.UN).  Nations Equipment Finance LLC is the collateral agent for the facility.  Based in Calgary, Alberta, Petrowest is a leading provider of pre-drilling and post-completion energy and civil infrastructure services to the northern region of the western Canadian sedimentary basin.

Colin Cross, Senior Managing Director of Crystal Financial, stated: “We are pleased to provide this new term loan facility to Petrowest Energy Services to refinance the company’s existing credit facility.  We believe that the company and the management team are well-positioned to take advantage of the growth in demand for Petrowest’s services in the northern region of western Canada.”

Randy Hicks, Managing Director of Nations Equipment Finance, stated: “We are pleased to partner with Crystal in providing this new term loan to Petrowest. The transaction brought the respective strengths of Nations and Crystal together to provide a tailored equipment financing solution to Petrowest. We expect that Petrowest will prosper over the coming years.”

“We are looking forward to working with the Crystal/Nations team,” stated Rick Quigley, President and CEO of Petrowest.  “The experience to date has been great and it is a welcome change to be working with ‘financial partners’ who take the time to understand our business and our financing needs. With business activity growing, this is the perfect time to complete this refinancing and allow everyone to focus on growing our business.”

Petrowest Energy Services was advised by Canaccord Genuity, the global capital markets division of Canaccord Financial Inc. (TSX:CF).

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit http://www.crystalfinco.com/.

About Nations Equipment Finance
Nations Equipment Finance is an equipment leasing and finance business that provides middle market companies with $1 million to $50 million equipment leases and term loans. Nations was founded and is managed by a seasoned team of professionals with collectively over 100 years of experience in the equipment finance and leasing industry. For additional information about Nations, please visit http://www.nationsequipmentfinance.com/

About Petrowest Energy Services
Petrowest is a leading provider of pre-drilling and post-completion energy and civil infrastructure services to the northern region of the western Canadian sedimentary basin.  Petrowest is an unincorporated, open-ended, limited purpose, mutual fund trust established under the laws of Alberta.

Crystal Financial Provides Financing to The SCOOTER Store

Boston June 9, 2011 – Crystal Financial announced today that it has closed a $25 million financing for The SCOOTER Store, an affiliated portfolio company of Sun Capital Partners, Inc.   Based in New Braunfels, Texas, The SCOOTER Store offers power mobility solutions, including power wheelchairs, scooters, lifts, ramps and accessories to customers in 48 states.

Andrew Hettinger, Managing Director of Crystal Financial, stated: “We are pleased to provide this new financing for The SCOOTER Store.  With an innovative management team and a national footprint, The SCOOTER Store is the clear market leader in providing power mobility products.”

Doug Harrison, CEO of The SCOOTER Store, said, “We are looking forward to a long partnership with Crystal.  Their knowledge and creativity throughout the process make them an ideal partner as we look to continue our growth.”

Steven Liff, Senior Managing Director at Sun Capital Partners, said, “Crystal successfully structured and delivered a complicated financing solution using a creative approach that was responsive to the Company’s financing needs.  We are excited about our investment in The SCOOTER Store and pleased to have Crystal Financial as a lender to the company.” 

The SCOOTER Store was advised by McColl Partners, a middle market investment bank based in Charlotte, NC.

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries.  Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries.  For additional information about Crystal Financial, please visit http://www.crystalfinco.com/.

About The SCOOTER Store
Since 1991, The SCOOTER Store has helped provide freedom and independence to more people with limited mobility than any other company in the nation. The company offers power mobility solutions, including power wheelchairs, scooters, lifts, ramps, and accessories, in 48 states. The company also provides Home Care products and services in some locations. Using these solutions provides today’s seniors an alternative to living in nursing homes or other care facilities. The company’s goal is to create an opportunity for every senior or disabled American to live their entire life safely and confidently at home. The SCOOTER Store was recently recognized by FORTUNE magazine in its prestigious 100 Best Places to Work For in America for the second time. The company is accredited by the Accreditation Commission for Health Care.  For more information, visit http://www.thescooterstore.com/.

About Sun Capital Partners
Sun Capital partners is a leading private investment firm focused on leveraged buyouts, equity, debt and other investments in market-leading companies that can benefit from its in-house operating professionals and experience.  Sun Capital affiliates have invested in more than 265 companies worldwide since its inception in 1995, with combined sales in excess of $40 billion.  Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For additional information about Sun Capital Partners, please visit http://www.suncappart.com/.

In a Market Awash With Liquidity and Thin on the Demand Side...What's a Lender To Do?

Colin_Cross_Article.pdf

Crystal Financial Agents $45MM Loan for Wheels Financial Group, Inc.

BOSTON, MA – March 11, 2011 – Crystal Financial LLC today announced that it has agented a $45,000,000 revolving loan to Wheels Financial Group, Inc., dba 1-800-LoanMart (“Wheels Financial Group”), a leading provider of consumer finance loans headquartered in Encino, CA.

“We are pleased to agent this new revolver for Wheels Financial Group. to refinance an existing $30,000,000 revolver and provide additional loan capacity for growth. With its new financing commitment, we believe the Company will be well positioned as an industry leader,” said Stephen Krawchuk, Managing Director of Crystal Financial.

Added Christopher Arnold, Managing Director of Crystal Financial, “Wheels Financial Group provides consumer loans to an underserved segment of the market. We were particularly impressed with the management team, their systems and the prospects for growth that our new revolver will support.”

Ron Gonen, Chief Executive Officer of Wheels Financial Group, Inc. stated, “This new revolving facility will enable us to meet the growing demands of our customer base. With traditional banks pulling back on consumer lending, we have an opportunity to significantly grow our business and we wanted a lender with the flexibility to support our business plan today, and in the future. The Crystal team has been very responsive and flexible in structuring and closing this new loan.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts has made over $20 billion in loans to companies across a wide array of industries. www.crystalfinco.com

About Wheels Financial Group, Inc.
Wheels Financial Group, Inc, dba 1-800-LoanMart, is a consumer finance company specializing in auto equity lending, with operations in California, Illinois, Arizona, New Mexico and Missouri. www.800loanmart.com.

Crystal Financial & CIT Provide Financing to Piggly Wiggly Holdings

BOSTON March 1, 2011 – Crystal Financial LLC today announced that it has provided a term loan to Piggly Wiggly Holdings LLC, a regional supermarket chain based in Charleston, South Carolina, that was arranged by  CIT Group Inc. (NYSE:CIT), a leading provider of financing to small businesses and middle market companies. 

 “Piggly Wiggly is a very strong brand, with one of the most recognized names in the grocer market in South Carolina and Georgia, and has sound fundamentals” said Andrew Hettinger, Managing Director of Crystal Financial.  “We are pleased to provide funding to refinance term debt, as well as provide some incremental liquidity under the CIT-led revolver for on-going working capital purposes.”

Bill Kearney, Senior Vice President, CIT Commercial & Industrial, Retail Finance, added, “We are pleased to arrange this additional credit facility for Piggly Wiggly Holdings, LLC and to partner with Crystal Financial.  This transaction reflects our continuing commitment to meeting the on-going needs of our middle market clients.”

Bill Edenfield, Executive Vice President and Chief Financial Officer of Piggly Wiggly Holdings LLC, said, “We are pleased to enter into these new credit facilities provided by CIT and Crystal Financial. The Crystal team was highly responsive and took the time to understand our business plans for the future.  This new credit facility provides additional borrowing capacity to help us strategically grow our business as we take advantage of opportunities to earn the maximum return on our assets.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction.  Crystal Financial’s seasoned team of debt-structuring experts has made over $20 billion in loans to companies across a wide array of industries. http://www.crystalfinco.com/

About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in finance and leasing assets.  It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries.  CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. http://www.cit.com

About Piggly Wiggly Holdings LLC
A chain of grocery stores founded in 1947 in Charleston, South Carolina, Piggly Wiggly Holdings LLC has grown to be the largest employee-owned retail company in the state. The Company owns or services more than 100 stores and has over 4,000 employee owners throughout South Carolina and southeastern Georgia.  http://www.thepig.net/

Crystal Financial Year-End Update for 2010

Boston, February 10, 2011 As we begin year 2011 (which already seems to be rushing by) we are excited to share with you some of our achievements and expectations for the New Year and beyond.

We began Crystal Financial during the first week of April, 2010, and closed four underwritings within the first sixty days. These underwritings allowed us to quickly position Crystal as a relevant and active participant in the debt/capital markets. Our primary strategic objective is to be a trusted partner for underwriting innovative secured debt solutions for our clients.

During the next several years it is our intention to build a commercial finance company that will be recognized for our commitment to corporate excellence, and to provide outstanding service to our clients. The Crystal team is well-known in the marketplace, and we have been fortunate to add several new professionals who will enhance our outreach and play important roles in the continued success of our firm.  During our first nine months we closed twelve debt underwritings to a wide range of industries and we were able to successfully position the Crystal Financial team as a committed and active participant in the debt capital markets. 

Our backlog is vibrant, and our team is excited regarding our opportunities to add value to our clients and their advisors. Each time we have that opportunity we refer to it as a “Crystal Moment”, a time when hard work, innovation and meeting the expectations of our client come together to create a new debt underwriting.

Crystal is fortunate to have many friends and partners throughout the industry; without whom our success would not be possible. We thank you for your assistance and loyalty, and we look forward to an exciting and productive 2011.

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

Crystal Financial Provides New Loan to Covenant Care

$20,000,000 second lien term loan to support the refinancing of an existing credit facility and a recapitalization

Boston - February 1, 2011 – Crystal Financial announced today that it has closed a $20,000,000 second lien loan to Covenant Care, a portfolio company of Centre Partners. Covenant Care manages skilled nursing and rehabilitation centers and residential care/assisted living centers that offer short term and long term care as well as a variety of related specialty services and programs.

Stephen Krawchuk, Managing Director of Crystal Financial, stated: “We are pleased to provide this new financing for Covenant Care. Centre Partners and management have done an excellent job growing the company organically and through acquisitions, and positioning Covenant Care as a leader in the skilled nursing/residential care industry.”

Bob Levin, CEO of Covenant Care said “We are looking forward to a long partnership with Crystal. Their experience in the long-term care industry and resulting familiarity with the opportunities and challenges we face make them an ideal partner as we look to continue our growth.”

Bob Bergmann, Senior Partner at Centre Partners said “Crystal was able to deliver a complicated financing for Covenant Care within a very tight time frame due to their streamlined organizational structure and decision-making process. We are pleased with the outcome.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

About Covenant Care
Covenant Care, with headquarters in Aliso Viejo, CA, owns and operates a diversified portfolio of 51 high quality SNFs and RCFs in seven states. The Company's SNFs provide nursing and rehabilitation services to the rapidly growing elderly population in the U.S., while the Company's wholly-owned therapy business, Select Therapies, provides each facility with state-of-the-art rehabilitation programs and personnel. Covenant Care's systems, culture and operating model are contributors to the Company's record of outstanding clinical results for its patients. Additional information is available at www.covenantcare.com.

About Centre Partners
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $3 billion in more than 90 transactions, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources which include an extended network of experienced and proven operating executives. The firm is currently investing through its fifth fund and has over $1.5 billion in total assets under management. Centre has deep investment expertise covering consumer, healthcare, industrial products and services, financial services, energy, media, restaurants, retail, and aviation services. Additional information is available at www.centrepartners.com.

Crystal Financial Provides New Credit Facility to Ritz Camera & Image, L.L.C.

Boston, January 4, 2011 – Crystal Financial, LLC, announced today that it has closed a $25 million senior credit facility with Ritz Camera & Image, L.L.C., the owner and operator of the Ritz Camera, Wolf Camera and Camera World brands. The Company has 289 retail locations nationwide as well as a significant online presence in the camera and imaging industry.

Steven Migliero, Managing Director of Crystal Financial, stated: “Ritz Camera & Image, L.L.C is a premium specialty brand with a strong customer base across the United States. We are pleased to provide this storied business with the support necessary to achieve its strategic and financial objectives. We were able to quickly understand the company’s operations and assets, and to close a flexible loan facility within a tight timeframe.”

Commenting on the new loan, Stephen M. LaMastra, CEO of Ritz Camera & Image, L.L.C., stated: “It’s been a pleasure working with Crystal Financial on our new loan facility. With our forecast for sales increases in 2011 and beyond, we required a financial partner who understood our needs and could accommodate our projected progress in the industry. The entire Crystal team has been professional, flexible and focused throughout the past several weeks, and our collaborative efforts allowed us to close this transaction in a remarkably short time frame.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

About Ritz Camera & Image, L.L.C
Ritz Camera & Image, L.L.C is America’s premier retail destination for cameras and imaging. With a legacy of nearly 100 years, Ritz Camera & Image, L.L.C is a leader in the exciting and evolving world of image technology. Always a leader in price and quality, Ritz Camera & Image, L.L.C is ranked by Consumer Reports as a top five electronics store, and is the highest ranking destination for camera and imaging products based on service, product quality and buying ease. Ritz Camera & Image, L.L.C is headquartered in Washington, DC and operates nearly 300 stores in 34 states from coast to coast. RitzPix.com is the company's online site for all imaging needs, and offers a range of products for pick up in-store in one hour or delivered in one day that is unrivaled anywhere in the world. Ritz Camera & Image, L.L.C has dedicated its legacy to empowering consumers to share, display and save all of life’s treasured memories. 

Christopher Arnold Joins Crystal Financial as Managing Director

Boston – December 20, 2010 – Crystal Financial announced today that Christopher Arnold has joined the company as a Managing Director in the investment administration group. Based in Boston, Massachusetts, Mr. Arnold will be a key member of Crystal Financial’s investment administration team responsible for underwriting, closing and managing portfolio investments. Mr. Arnold has been an asset-based and cash flow lender for over 17 years, and has significant experience serving the financial needs of middle-market companies.

Prior to joining Crystal, Mr. Arnold was a Director of CIT where he was responsible for structuring, underwriting, and managing loan investments to middle-market companies. His significant lending experience includes underwriting, structuring, and portfolio management positions at Capital Source and GE Capital. Mr. Arnold also has private equity experience with Dimeling Schreiber & Park in Philadelphia.

“Chris is an excellent addition to the Crystal Financial team,” stated Michael Pizette, Senior Managing Director and Chief Credit Officer. “His significant experience in structuring, closing and managing secured loans will enable him to be a key contributor to the growth of Crystal Financial.”

Commenting on recent activities of Crystal Financial, Chief Executive Officer Ward Mooney stated: “The response from the market to our new company has exceeded our expectations and we are extremely busy with our active and growing pipeline of new opportunities. Having funded over $200 million in loan transactions over the past nine months, we are thrilled to have Chris join us as we grow our investment administration team. Chris will play a key role in our ability to thoughtfully and expeditiously execute and manage new secured loan transactions.” 

617-428-8721
carnold@crystalfinco.com
For Chris's biography and v-card please click here

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts has made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

Crystal Financial Provides New Credit Facilities to TMC Transportation

Boston – December 13, 2010 – Crystal Financial, announced today that it has closed a $12 million first-in, last-out loan (FILO), as part of a new revolving credit facility from Cole Taylor Bank, to Annett Holdings, Inc. (dba TMC Transportation). Crystal also provided a $4.66 million three-year term loan to the company. TMC Transportation is the largest privately-held flatbed trucking firm in the United States.

Andrew Hettinger, Managing Director of Crystal Financial, stated: “As the industry's premier flatbed carrier, TMC Transportation is known for its integrity, innovation, highly-trained drivers and customer service. We are pleased to support this family-owned business with our innovative, flexible FILO and term loan facilities.”

Commenting on the new loan, Mr. Harold W. Annett, Chairman & CEO stated: “We are pleased to enter into these new credit facilities provided by Crystal Financial and Cole Taylor Bank. The Crystal team, in particular Andrew Hettinger and Evren Ozargun, were very knowledgeable and worked tirelessly to expedite the loan closing in a timely fashion.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

About TMC Transportation
Annett Holdings, Inc., doing business as TMC Transportation, is the largest privately-held flatbed carrier in the US. It offers line-haul, specialized and dedicated transportation services, as well as logistics services, to a variety of industries, including construction & agricultural machinery and various commodities, through step-deck trailers and removable goose neck trailers. Annett Holdings, Inc. was founded in 1972 and is based in Des Moines, Iowa. For additional information about TMC Corporation, please visit www.tmctrans.com 

Crystal Financial Agents $25MM Loan to ShopNBC

Boston – December 1, 2010 – Crystal Financial, LLC, announced today it closed a $25 million, five-year term loan with ShopNBC (NASDAQ: VVTV), an interactive multi-media retailer across TV, online, mobile and social platforms. ShopNBC is broadcast live via cable and satellite TV in 76 million homes nationwide. Steven Migliero, Managing Director of Crystal Financial, stated: “We are pleased to provide this financing to ShopNBC to support their highly talented management team in executing their growth plan. This new loan is a good example of Crystal Financial’s commitment to provide innovative debt capital solutions to middle-market companies.” Commenting on the new loan, Bill McGrath, CFO of ShopNBC, stated: “We are pleased to enter into this new term loan led by Crystal Financial. The Crystal team, in particular Steve Migliero and Josh Franklin, worked closely with us and took the time to understand our business in structuring a loan that helps us finance our general working capital needs.”

About Crystal Financial
Crystal Financial is a commercial finance company, which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

About ShopNBC
ShopNBC is a multi-media retailer operating with a premium lifestyle brand. Over 1 million customers benefit from ShopNBC as an authority and destination in the categories of home, electronics, beauty, health, fitness, fashion, jewelry and watches. As part of the company's "ShopNBC Anywhere" initiative, customers can interact and shop via cable and satellite TV in 76 million homes (DISH Network channels 134 and 228; DIRECTV channel 316); mobile devices including iPhone, BlackBerry and Droid; online at www.ShopNBC.com; live streaming at www.ShopNBC.TV; and social networking sites Facebook, Twitter and YouTube. ShopNBC is owned and operated by ValueVision Media (NASDAQ: VVTV). For more information, please visit www.ShopNBC.com/IR.

 

Crystal Financial Announces New Transactions, Hires and Website

Since launching Crystal Financial in April 2010 we have been busy with building out our infrastructure, hiring new team members, introducing our new company to the market and executing new loan transactions.  The market reception to our new company has exceeded our expectations and we are very encouraged by the level of activity in the market.  Please visit our new website at www.crystalfinco.com to gain a complete perspective regarding Crystal Financial, and our positioning in the debt capital markets.  Our new website reflects our long traditions, and demonstrates our commitment to our clients and to our community. 

RECENT TRANSACTIONS
LANDesk Software - Second lien loan to support the acquisition by Thoma Bravo
Loehmann's - Revolving loan to refinance existing debt
Covad Communications - First lien term loan to support an add-on acquisition and a merger
Clover Technologies - Second lien loan to support the acquisition by Golden Gate Capital
TouchTunes Music Corporation - Unitranche loan to refinance existing debt

NEW HIRES
Andrew Hettinger - Managing Director of Originations, Atlanta
Tyler Harrington - Associate, Boston

OUR NEW WEBSITE
Our focus at Crystal Financial is to provide a partnering experience in everything we do and we recognize that the most important element to our success is our people and the relationships we have with our referral sources, co-lenders and borrowers.  We are excited to share with you our new website www.crystalfinco.com and we look forward to working with you in the near future.

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial's seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

Andrew Hettinger joins Crystal Financial as Managing Director of Originations

Crystal Financial Has Funded Over $100,000,000 of Loans Since Launch in March 2010

Boston, June 30, 2010—Crystal Financial, a new commercial finance company originating, underwriting and managing secured term loans of up to $150 million per transaction, announced today that Andrew Hettinger has joined the company as Managing Director of Originations. Based in Atlanta, Georgia, Mr. Hettinger is responsible for originating and structuring new investments. Mr. Hettinger has over 20 years of experience as a cash flow lender, asset-based lender, and investment banker and is experienced at serving the financial needs of middle market companies.

Prior to joining Crystal, Mr. Hettinger was a Managing Director of Cerberus Capital Management where he was responsible for originating and managing new debt investments. He also has served as a Director of Houlihan, Lokey, Howard & Zukin and Senior Vice President at Deutsche Bank, where he was responsible for originating and structuring senior and mezzanine loans to private equity groups and middle-market companies.

“Andrew is an excellent addition to the Crystal Financial team,” stated Colin Cross, Senior Managing Director of Originations. “He has developed broad and deep relationships over the past twenty years and has the skills to originate and structure even the most complex loans to middle market companies. We are thrilled to have him join us and confident that he will be a key contributor to the growth of Crystal Financial.”

Commenting on recent fundings by Crystal Financial, Chief Executive Officer Ward Mooney stated: “We are off to a great start at Crystal Financial, having funded seven loans totaling over $100,000,000 in the past three months. We have been extremely pleased with the market’s response to our new company, and the addition of highly talented individuals such as Andrew Hettinger underscores the meaningful role we are playing in the debt capital markets.”

About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

Client Contacts:

ATLANTA
Andrew Hettinger
Managing Director of Originations
Crystal Financial LLC
1170 Peachtree Street
Suite 1200
Atlanta, GA 30309
404-885-5757
ahettinger@crystalfinco.com

BOSTON
Steven Migliero Jr.
617-428-8704

CHICAGO
Colin Cross
312-543-4878

LOS ANGELES
Steve Krawchuk
323-839-5526

Media Contacts:
Renee Soto/Briana Kelly
Sard Verbinnen & Co
212-687-8080

Crystal Financial launches as new provider of innovative corporate debt solutions

Announces Investment by Private Investment Fund Managed by Soros Fund Management Seasoned Team of Debt Structuring Professionals Underwriting Corporate Loans Up to $150 Million Per Loan

Boston, March 31, 2010—Crystal Financial, a new commercial finance company originating, underwriting and managing secured term loans up to $150 million per transaction, announced today that it has launched and that a private investment fund managed by Soros Fund Management LLC has invested in Crystal Financial providing strategic support to the newly formed company. Terms of the transaction were not disclosed. Crystal Financial is one of the larger companies able to meet the market’s growing need for corporate loans and financing solutions.

Ward K. Mooney, Chief Executive Officer of Crystal Financial, stated: “We are extremely pleased to bring our team to our new platform, Crystal Financial, and reenter the market with an exclusive focus on providing corporate loans. Many private and public companies today are facing complex financial challenges that require the expertise of a specialist who can structure lending solutions to meet their needs. Our exceptional team, which has been together for over 15 years, has loaned over $20 billion to companies in a wide variety of industries during that time. We look forward to continuing our heritage as a world-class provider of debt capital as we partner with leading financial institutions who want a highly reliable and responsive lender to support their clients’ long-term financial and strategic goals.”

SSP Offshore LLC (“SSP”), the fund investing in Crystal Financial, focuses on capital-intensive start-ups, buyouts and growth equity transactions. SSP seeks to acquire world-class assets that can generate strong and growing cash flows.

Commenting on the investment by SSP, Mr. Mooney stated: “We are thrilled to have the confidence and support of Soros Fund Management, particularly given their expertise helping innovative financial services companies achieve their long-term objectives. Their significant investment in Crystal Financial underscores the opportunity we see in the middle market, and we look forward to working with the talented Soros team in the years ahead.”

About Crystal Financial
Crystal Financial is a commercial finance company, which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit www.crystalfinco.com.

Client Contacts:
Boston
Steve Migliero, Jr.
617-428-8704

Los Angeles
Steve Krawchuk
323-839-5526

Media Contacts:
Denise DesChenes / Andrew Cole / Renee Soto
Sard Verbinnen & Co
212-687-8080