Stonegate Capital closes on its investment in JSI Store Fixtures:
Stonegate Capital is pleased to announce it has made a senior debt investment into JSI Store Fixtures, a portfolio company of RFE Investment Partners. Headquartered in Maine, JSI designs and manufactures high-quality merchandising displays for the supermarket industry focused on the store perimeter. Over the past 25 years, JSI has focused on putting the experience of freshness first by creating food-forward displays that have transformed the perimeter of supermarkets across the country.
“Andrea Hedrick and the Stonegate team worked with us to customize a flexible solution that enabled us to streamline our capital structure and drive efficiencies to our free cash generation. This year will be a transformational year for JSI, and we are excited to partner with Stonegate as we continue to build the JSI platform,” said Bill Bronander, Vice President of RFE Investment Partners. The Company will utilize the senior debt facility to support ongoing operational initiatives and to foster additional growth to the business.
“We are ecstatic about our new partnership with RFE and JSI, as this investment showcases our support of innovative, market-leading companies within the sponsor-backed space” said Andrea Hedrick, CEO at Stonegate Capital. “With the combination of the Company’s strong legacy management team and extremely supportive equity backing,” Hedrick continued, “we couldn’t be more pleased to partner with JSI as they continue to expand their footprint while remaining important partners to their existing customers.”
Please visit the Company’s website for additional details regarding their products: www.jsistorefixtures.com
Stonegate Capital Announces $10.5MM Investment in PureTek Corporation:
Stonegate Capital is pleased to announce it has closed a $10,500,000 senior credit facility with PureTek Corporation. Headquartered in Panorama City, CA, PureTek manufactures a variety of branded and private label pharmaceutical, nutritional, and personal care products for retail chain stores and branded drug distributors throughout the US. PureTek has the ability to produce pharmaceutical and nutritional delivery systems encompassing tablets, capsules and liquids, as well as large-batch capacity for personal care liquids, lotions, creams, and oils. The facility consists of a revolving line of credit and term loan. The Company utilized the senior debt facility to refinance prior indebtedness and will continue to use it to support ongoing operational initiatives.
“Working with Stonegate was different than every other lender that we worked with during our recent refinancing. The Stonegate team made the effort to really understand our business and the difference that made was enormous,” stated Dick Alston, PureTek CFO. “The structure they developed was exactly what we needed to provide the working capital to finance our business that we expect will be doubling in the next 12 months. While all credit agreement negotiations and drafting are time consuming, the Stonegate team was able to meet our deadlines. They differentiated themselves by showing the sense of urgency to fulfill our needs while following through to an efficient closing. We are happy with the outcome.”
“We are ecstatic about the opportunity to partner with a dynamic, highly-capable company like PureTek. Now that its capital structure is optimized and is no longer an impediment to achieving the growth of which the company is capable, it will be exciting to watch as PureTek continues its upward trajectory.” said Jay Fabian, Director at Stonegate Capital. This investment contributes to an extremely successful first few months of 2019 for Stonegate Capital which saw the company close on over $50 million of commitments in the first quarter alone.
Please visit the Company’s website for additional details regarding their operational capabilities:
Stonegate Capital closes out its most successful quarter to date with investment in David Evans Foods:
Stonegate Capital is pleased to announce it has made a senior debt investment into David Evans Foods, a portfolio company of Glencoe Capital. Headquartered outside of Cincinnati, Ohio, David Evans Foods is a premium manufacturer of gourmet sauces, preserves, bakery fillings, dessert toppings, dips, condiments, marinades, and spreads sold via private label as well as under the Clearbrook Farms and Robert Rothschild Farm brands.
“Garett Figueroa and the Stonegate team worked with us to customize a flexible solution that best fit our business, and we’re excited to expand our partnership with them,” said Matt Hallgren of Glencoe Capital. The Company will utilize the senior debt facility to support ongoing operational initiatives and to foster additional growth to the brand.
“We are ecstatic about our new partnership with Glencoe Capital and David Evans Foods, as this investment perfectly aligns with our support of the high growth, consumer product, sponsor-backed space” said Andrea Hedrick, Managing Director at Stonegate Capital. This investment closed out an extremely successful first few months of 2019 for Stonegate Capital. “We surpassed a significant milestone this past quarter, as we closed on over $50 million in commitments to the market,” Hedrick continued, “We are excited about the momentum in our business and in our ability to be a flexible and supportive lender to our customers.”
Please visit the Company’s website for additional details regarding their branded products: www.davidevansfoods.com
Stonegate Capital is pleased to announce it has made a $7MM senior debt investment into Fishpeople Seafood, Inc.
Headquartered in Portland, OR, Fishpeople is backed by a syndicate of equity groups including Advantage Capital, S2G Ventures, 3X5 Partners, Encourage Capital, Cambridge SPG, Renewable Resource Group and several other supportive investors. Fishpeople places a primary focus on the sustainability and traceability of its products. From fresh fish filets, soups, chowders, and new innovative products like seafood jerky – Fishpeople is committed to changing the landscape of seafood for the better.
“Andrea and the Stonegate team worked with us to ensure they provided a customized solution that best fit our fast-growing business, and we’re excited to expand our partnership with them,” said Brian Gentry, VP of Finance for Fishpeople. The Company will utilize the senior debt facility to support continued product expansion and ongoing operations. This investment aligns well with Stonegate’s support of the high growth, consumer product, sponsor-backed space.
“Fishpeople is dedicated to product innovation and to making traceability a significant differentiator. With the combination of the Company’s exceptional management team and extremely supportive equity backing, we couldn’t be more pleased to partner with Ken Plasse (CEO, Fishpeople), Brian Gentry, and their team as they execute their plan,” said Andrea Hedrick, Head of Originations at Stonegate.
Please visit the Company’s website for additional details regarding their branded products: fishpeopleseafood.com
Stonegate has closed on a $5MM senior credit facility for Gearbox Express, LLC.
Based in Mukwonago, Wisconsin, Gearbox repairs, rebuilds, and remanufactures wind turbine gearboxes and gearbox parts. Stonegate Capital worked with management to provide a more flexible revolving facility that will better support the Company’s long-term liquidity needs and anticipated growth. “The team at Stonegate took the time to understand the pressure points of our business.
We recently co-developed a custom product at a competitive price point that will allow us to expand while operating efficiently. Stonegate patiently worked alongside of us throughout this process to customize a debt facility that will best support our expected growth. It’s rare to find all these qualities from one lender,” said Brian Hastings, CFO at Gearbox. Jay Fabian, Director at Stonegateadded, “Gearbox is backed by committed ownership and management and we are extremely excited to work with the Company as they successfully execute on their operating plan. We look forward to supporting their transformative new business relationships that will be fostered via the high-quality products for which Gearbox is widely known in the marketplace.”
Stonegate Capital Closes
on Revolver for CSI
Stonegate Capital has closed on a $7MM revolving facility for Catastrophe Solutions International, (“CSI”), a global leader in automobile catastrophe appraisals and repairs. CSI primarily operates in the automotive hail damage industry to provide paintless dent removal services to insurance companies, automotive dealerships and body shops. CSI is majority owned by the Chicago based private investment firm, Concentric Equity Partners, who engaged Rush Street Capital to advise them on the debt raise. Stonegate Capital put in place a flexible facility to help support CSI’s seasonal and international operations. With the committed backing by both management and Concentric, Stonegate Capital is extremely excited to work with the Company’s dedicated team as they successfully execute their expansion plans.
Stonegate Capital Promotes Ryan Woody and Announces New Team Members:
Stonegate Capital is pleased to announce that Ryan Woody has been promoted to Managing Director, Credit and Operations, in the Chicago office. “Since joining us a little over a year ago, Ryan has been instrumental in helping to build out our operational and credit functions, and we are excited to have him support our ever-growing portfolio,” said Darren Latimer, CEO. Ryan began his commercial lending career in 2002 at GE Capital, and has also held various credit and operational roles at Wintrust, Bridge Finance Group, Gibraltar Business Capital, and Wells Fargo. Ryan’s extensive experience spans a broad range of commercial debt products including asset based, cash flow, health care, factoring, and rediscount. At Stonegate, he will be responsible for managing credit, collateral monitoring, loan accounting, and treasury.
Stonegate has also added two new team members to its Chicago office. Dan McCallum joins Stonegate’s Underwriting and Credit Team as a Director. Dan will leverage his years of underwriting experience to help lead and execute deal closings across all three of Stonegate’s investment platforms. Karen Szafraniec joins the Credit and Operations team as a Vice President. Karen, an industry veteran with over 18 years of experience, will be an immediate asset to the back office support team for Stonegate. Tony Cappell, Head of Underwriting, noted: “Both Dan and Karen are tremendous additions to our team, and they will both be instantly valuable in support of the significant growth we are experiencing in our lending platform.”
Stonegate Capital has closed on a senior secured debt facility, consisting of a revolver and stretch term loan, for Zoom Media Group, Inc., the leading media and marketing company focused on fitness and health club venues in the U.S., Canada and United Kingdom.
Zoom approached Stonegate in December 2017 with a targeted goal of expanding its credit facility to support its continued growth. “After meeting with Brian Lindy, CFO, and the rest of the Zoom management team, we were extremely excited to customize a multi-jurisdictional debt facility that would support their goals. They are undoubtedly a best in class team delivering preeminent advertising content to the fitness industry, and we are looking forward to our partnership going forward,” said Jay Fabian, Director, who led the Originations team for Stonegate.
Stonegate Capital hires Heather LaFreniere to drive Emerging Markets
and Technology growth strategy.
Stonegate Capital is pleased to announce that it has hired Heather LaFreniere as a Managing Director in its Chicago office. Heather will be focused on growing Stonegate's strategy into the Emerging Brands and Technology markets. A 25 year industry veteran, Heather brings a wealth of industry knowledge to her position at Stonegate. “We are ecstatic to have Heather join our team. She perfectly embodies the culture and drive we are employing at Stonegate, and her longstanding career in creative debt originations, most recently in the technology market, will be an immediate contributor to the growth we continue to experience in our business," said Darren Latimer, CEO.
Stonegate invests in the three niches of i) asset based, ii) high-growth consumer products and emerging brands, and iii) recurring revenue software. Heather's expansive credit experience, as well as her connectivity to the high growth software market, will immediately be additive to Stonegate's business development efforts across all three platforms.
Before joining Stonegate, Heather spent her career in asset-based finance at Wells Fargo, Castle Pines Capital, Gibraltar Business Capital, and most recently in the Technology Banking Group of Silicon Valley Bank.
“I am extremely happy to join the Stonegate team,” said Heather. “There is significant opportunity in the better-for-you food and beverage space today given the shift in consumer eating habits. The software industry remains vibrant as well. Stonegate’s credit platform is well-suited to serve high growth companies in both sectors and I’m very excited to deliver it.”
Stonegate Capital hires Garett Figueroa to drive private equity business development efforts:
Stonegate Capital is pleased to announce that it has hired Garett Figueroa as a Vice President in its Chicago office. “At Stonegate we pride ourselves on bringing debt structuring sophistication to the lower middle market,” said Andrea Hedrick, Stonegate’s Head of Originations, “and Garett's originations background both in the UK and here in the states aligns perfectly with our goal of becoming the go-to lender for the sponsor backed market."
Stonegate is seeing significant activity in its three investment niches of i) asset based, ii) high-growth consumer product, and iii) recurring revenue software. Garett’s credit experience and his connectivity to the private equity market will immediately be additive to business development efforts. He will be responsible for sourcing senior debt facilities ranging from $2-$15 million within the private equity community across Stonegate’s nationwide footprint, and will instantly be a huge asset to the Stonegate team.
Before joining Stonegate, Garett spent the past seven years at PNC’s Asset Based Lending group, leading due diligence engagements of prospective middle market and large corporate borrowers, most recently in the private equity coverage group. Garett holds a BS in Business Administration & Management from the University of Southern California’s Marshall School of Business.
“I am extremely excited to join the Stonegate team,” said Figueroa. “The momentum they are experiencing in their business is tremendous, and I’m looking forward to contributing to the growth and success of their investment platform going forward.”
Stonegate Capital is pleased to announce it has closed on the following investment in August.
Stonegate Capital is pleased to announce it has closed on the following investment in August.
Stonegate has closed on a senior secured credit facility for the privately-owned menswear brand, Mack Weldon.
Stonegate has closed on a $6.5MM loan for Orchid Monroe, a manufacturer of electric motor, generator and power transformer components and assemblies.
Stonegate Capital is pleased to announce it has closed on the following investment for the private equity-owned, I and Love and You.
Stonegate Capital is pleased to announce it has closed on the following investment in January.
January 26, 2017
Not Your Father's ABL: Stonegate Capital
Targets PE-Backed Businesses.
Former Gibraltar Capital co-founder and CEO and Wells Fargo Capital Finance veteran Darren Latimer launched Stonegate Capital Holdings this year with the intention of bringing improved products primarily to private equity-backed businesses in the lower-middle market. Latimer catches up with ABF Journal to discuss Stonegate’s all-star team and its creative and opportunistic strategy.
January 26, 2017
Stonegate Capital – Top 10 Asset-Based Finance
News Stories of 2016.
Stonegate Capital is top on the list of stories that sparked the most interest in the asset-based finance industry in 2016.
Stonegate Capital is pleased to announce it has closed on the following two investments in November.
Shortly after launching its new fund, Stonegate Capital is pleased to announce it has closed on the following two investments in October.
Stonegate Capital – Creative, Opportunistic
and Ready to Shine.
In mid-September, commercial finance professionals learned that industry veterans led by Darren Latimer launched Chicago-based Stonegate Capital, a diversified specialty finance company. Industry readers no doubt remember Latimer from his days at Gibraltar Business Capital and Wells Fargo Foothill. Today, backed by Chicago-based Bridge Investments, Stonegate’s board includes Peter Schwab, former Chairman and CEO of Wells Fargo Capital Finance and Bob Goldberg, founding partner of the law firm Goldberg Kohn.
Industry Veterans Launch Stonegate Capital
Backed by Bridge Investments.
Stonegate Capital, a diversified specialty finance company that provides $1 million to $10.0 million collateral-backed loans to established lower middle-market enterprises and emerging brands, announced that it has closed on a significant equity investment lead by Bridge Investments, a private equity firm based in Chicago, and New York-based MBB, LLC.
Former Gibraltar CEO Launches
Former Gibraltar Capital CEO Darren Latimer launched Stonegate Capital Holdings to provide $1 million to $10 million asset-backed loans to established lower middle market enterprises and emerging brands.