Tygris to Acquire MarCap, Signs on US Express Leasing
Tygris Commercial Finance Group Launches with Over $1.75 Billion in Equity Commitments
06/05/2008
New York, May 20, 2008 – Tygris Commercial Finance Group, Inc. (Tygris), a commercial finance company, announced its formation and funding with over $1.75 billion in equity commitments – the largest initial capital raise ever in the U.S. commercial finance sector, according to a press release.
Tygris also announced that it has entered into an agreement to acquire substantially all of the assets and business of MarCap LLC, a middle market healthcare equipment finance company headquartered in Chicago. MarCap is one of the nation’s largest middle market healthcare equipment financing companies that provides flexible financing solutions for ambulatory surgery centers, diagnostic imaging centers, hospitals and cancer and dialysis centers. In addition, Tygris on May 29 announced the completion of the acquisition of US Express Leasing, Inc. (USXL), an equipment finance company headquartered in Parsippany, NJ. Tygris acquired the company from DLJ Merchant Banking Partners in an all-stock transaction. James D. McGrane, CEO of USXL, joins Tygris’ management team as president of small ticket leasing. The company will continue to operate under the USXL brand.
Tygris has assembled a team of commercial finance industry executives with significant experience leading large commercial finance businesses. Frederick E. “Rick” Wolfert, formerly vice chairman of commercial finance of the CIT Group and president of Heller Financial, Inc., is the company’s CEO. Tygris will initially have offices in Chicago, Stamford, and Parsippany.
Tygris was founded by Aquiline Capital Partners LLC (Aquiline), a New York-based private equity firm specializing in financial services, with New Mountain Capital, LLC and TPG Capital joining as lead investors. Tygris’ key investors also include Diamond Castle Holdings, LLC and Hamilton Lane. Tygris has established significant relationships with financial institutions including Deutsche Bank, Credit Suisse, SunTrust Robinson Humphrey, Barclays, Wachovia and Wells Fargo Foothill.
Tygris was created to provide liquidity and growth capital to middle market companies throughout North America in response to the current credit market dislocation that has constrained the availability of such capital. The Company initially will concentrate on developing leading franchise positions in three commercial finance businesses: middle market corporate finance, middle market equipment leasing and asset finance, and small ticket leasing.
“The credit crisis has clearly made it very challenging for middle market companies to access financing,” said Wolfert. “Tygris, with over $1.75 billion in equity commitments, has been created to provide a full range of value-added finance and leasing products to a sector that our senior management team has been dedicated to serving for over 25 years.”
“Since last summer, Aquiline observed a serious shortage of financing available to middle market companies in North America,” said Jeff Greenberg, managing partner of Aquiline and chairman of Tygris. “We founded Tygris to respond to this dramatic imbalance.”
In addition to Wolfert, Tygris has assembled the following team of senior executives: -Steven F. Kluger, EVP, Capital Markets and Corporate Strategy, formerly president and CEO of GE Capital Markets Services, Inc. - Stuart A. Armstrong, president of Corporate Finance, formerly president and CEO of Black Diamond Commercial Finance, LLC, and senior managing director and head of corporate lending’s vertical industry financing groups at GE Commercial Finance - Laird M. Boulden, president of Asset Finance (based in Chicago), formerly president and CEO of RBS Asset Finance, Inc. and president and co-founder of the Commercial Equipment Finance Group for Heller Financial Inc. - Tim J. Eichenlaub, EVP, chief risk officer, formerly senior managing director and group head for CIT’s Sponsor Finance business; - T. Doug Hollowell, EVP, general counsel and head of depository strategy, formerly executive director at Morgan Stanley Corporate Treasury and general counsel at Merrill Lynch Capital.
Tygris is a commercial finance company that provides liquidity and growth capital to middle market companies throughout North America. Tygris has three commercial finance businesses: that include middle market corporate finance, middle market equipment leasing and asset finance, and small ticket leasing.
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