JANUARY/
FEBRUARY 2012
MERGERS & ACQUISITIONS
PERSONNEL NEWS
IN A TRANSACTION THAT WILL EXPAND its international commercial finance
capabilities, Wells Fargo & Company announced that Wells Fargo Bank entered into
a definitive agreement with Bank of Ireland to acquire Burdale Financial Holdings
Limited and the portfolio of Burdale Capital Finance, which represents approximately
$1 billion in loans outstanding from U.S. and UK customers.
Headquartered in London, Burdale is a provider of comprehensive asset-based
lending and operates in and across the UK and U.S. markets. Upon completion of
the transaction, which is expected to close in early 2012, Burdale will become part
of Wells Fargo Capital Finance, the asset-based lending group of Wells Fargo.
“Expanding our asset-based lending business into the
UK allows us to better meet the international needs of
our U.S.-based customers, while continuing to enhance
our international asset-based lending platform,” said
Henry Jordan, chairman and chief executive officer of
Wells Fargo Capital Finance. “As Wells Fargo continues to
evaluate global opportunities, this transaction furthers our
efforts and gives us the opportunity to help even more
customers achieve their goals.” n
NEW VENTURES
HARBINGER GROUP ANNOUNCED THE LAUNCH OF SALUS CAPI TAL PAR TNERS, a new
middle-market commercial finance and asset management company. Boston-based
Salus Capital has a veteran senior management team
with more than 100-plus years of collective industry
experience and leadership, including Daniel F. O’Rourke
who will serve as senior vice president, chief credit officer,
and Marc S. Price, senior vice president, Loan Originations and Corporate Strategy.
Salus Capital will provide senior secured asset-based loans to the small and
middle market across a variety of industries with additional complementary financing
throughout the capital structure. The Salus Capital platform will also serve as an asset
manager for like-minded institutional investors such as community banks, insurance
companies and private equity/hedge funds that may lack the infrastructure and
dedicated competency within the senior secured lending vertical. The company will be
investing its own funds in addition to deploying capital for qualified third parties.
An e-mail release noted, “We believe there could not be a more perfect time to
form a non-bank commercial finance platform given the current economic climate
and bank regulatory environment. We have assembled an executive team and
partnership with Harbinger Capital and HGI where the synergies are far reaching
beyond our roots in transaction oriented retail and consumer product companies and
where we can extend innovative capital solutions to the small and middle market.” n
NEWSTAR HIRES
ADAMS TO EXPAND
ON WEST COAST
NE WS TAR BUSINESS CREDI T,
a division of NewStar Financial,
announced that it hired Lisa
DeSantis Adams as a senior vice
president and will open new offices
in San Francisco, CA and Portland,
OR. Adams will expand NewStar
Business Credit’s marketing and
origination efforts in the West
Coast region with responsibility
for generating new asset-based
financing opportunities with middle-market companies.
Adams has more than 20
years of experience in structuring,
originating and managing debt
financings for middle-market firms.
Prior to joining NewStar, she was
a vice president with Union Bank
Commercial Finance in all phases
of the lending process. Previously,
Adams has also represented Wells
Fargo Capital Finance, Merrill Lynch
Healthcare Finance and BMO
(formerly Harris Bank).
“Lisa is well known in the West
Coast market and will be a great
addition to our origination efforts in
the region,” said Milton Iskra, EVP
and national marketing manager for
NewStar. “I have known Lisa for a
number of years, and am excited
to have her join us. She adds
substantial depth to our team with
a valuable combination of marketing
coverage, credit skills and deal
execution experience.” n
