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MidCap Financial Acquires PNC Bank’s Franchise Finance Business, Names Leader

October 02, 2019, 07:26 AM
Filed Under: Mergers & Acquisitions

MidCap Financial announced it has closed the acquisition of substantially all of PNC Bank's Franchise Finance loan portfolio. In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial, including Bernard Lajeunesse, former Senior Vice President and General Manager of PNC Franchise Finance, who will be leading the new initiative.

"Since its acquisition of the platform from ECN Capital, PNC has been a leading provider of senior debt financing to the U.S. franchise industry, and we are fortunate to be able to acquire this outstanding business,” said Steve Curwin, CEO of MidCap Financial Services, LLC. “This new endeavor further establishes our leading position in the middle market lending space. Bernie and his team have a long, successful track record, and I am confident they will continue that legacy at MidCap."

Milbank LLP served as legal advisor to MidCap Financial for the transaction.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. It focuses on six areas:

  • leveraged loans to companies backed by private equity sponsors;
  • general and healthcare asset-based working capital loans collateralized by third-party accounts receivable and other assets;
  • venture loans to VC-backed and public life sciences and technology companies;
  • real estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties;
  • lender finance term loans or revolvers provided across the consumer and commercial finance sectors; and
  • franchise finance loans to franchisees operating in the quick service restaurant (QSR) and other industries.

MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement.

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