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Orion First Successfully Winds Down Mintaka Financial LLC, CFO Marsh Steps Down

January 13, 2023, 07:15 AM

Orion First announced significant progress has been made winding down Mintaka Financial LLC. Founded in December 2004, by a select group of small business finance companies, Mintaka specialized in serving the finance needs of small businesses across the United States.

In early 2020, Mintaka ceased new business originations amidst economic uncertainty and market changes. In 2021, Mintaka sold a majority of its portfolio and retired its senior and subordinated debt. This resulted in a small and well-performing portfolio that is projected to pay down over the next few years.

The success of this transition can be credited to Orion’s servicing team and Zack Marsh, Chief Financial Officer, who managed the process. Shortly following the decision to cease originations, COVID-19 arrived and subsequent lockdowns shuttered small businesses nationwide. In the face of this challenge, Marsh successfully collaborated with Mintaka’s lenders to preserve liquidity and allow an orderly wind-down. In the year following, the portfolio showed its inherent quality and continued to perform as forecasted which enabled Marsh to negotiate a majority sale of the portfolio and use the proceeds to pay off Mintaka’s senior and subordinated debt.

“With his calm demeanor, deep capital markets expertise, and equipment finance skillset, there wasn’t a better person than Zack to bring Mintaka Financial to a safe landing," said Quentin Cote, President.

As a result of the successful wind-down, the company achieved its financial goals and is now making regular distributions to its unit holders. Marsh is now looking for a new challenge and will be stepping down from his role after nearly two decades of dedicated service to the company.

"I am proud of the work that we have accomplished and am grateful for the opportunity to help build this company and be part of its success,” said Marsh. "I have full confidence in Orion First to continue managing its clients and their assets responsibly. The company has a superior team focused on helping their clients and small businesses succeed. It has been an honor to serve as CFO and I look forward to watching the company continue to grow and show its value to the industry, its clients and their customers."

Dave Schaefer, CEO, said, “Zack has played an instrumental role in the success of Mintaka and Orion, and we wish him all the best in his future endeavors. I have had the pleasure to witness Zack’s professional growth over 20 plus years. I think Zack will benefit from gaining other experiences and continue his outstanding career and support he gives to the industry.”

The company would like to express its sincere gratitude to its valued partners, investors and lenders for their support. We are proud of what we have accomplished together.







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