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CIT Group Inc. of New York has announced a vendor financing relationship between CIT Vendor Finance, Canada and Metafore, a provider of IT solutions in Canada. Under the terms of the agreement, the two companies established a financing program under the name Metafore Financial Services (Metafore Leasing in British Columbia) to offer Metafore customers operating and capital lease structures. Metafore is a division of Hartco Income Fund and designs, supplies and installs complete IT infrastructure systems and offers ongoing technical support and advanced professional services.
Tygris Commercial Finance Group, Inc. of New York 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. The company has assembled a team of commercial finance industry executives, lead by Frederick E. 'Rick' Wolfert, formerly vice chairman of Commercial Finance of the CIT Group and president of Heller Financial Inc., who will serve as the company's CEO. Tygris will initially have offices in Chicago, Stamford, CT and Parsippany, NJ.
Tygris was founded by Aquiline Capital Partners LLC, a New York based private equity firm specializing in financial services, with New Mountain Capital, L.L.C. 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. The company 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 initial concentration will be 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.
In addition to Rick Wolfert, the company's management team will include: 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 L.L.C. 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.
Subsequently, Tygris also announced the acquisition of US Express Leasing, Inc. ('USXL'), an equipment finance company headquartered in Parsippany, NJ, from DLJ Merchant Banking Partners in an all-stock transaction. James D. McGrane, chief executive officer of USXL, joins Tygris' management team as president of Small Ticket Leasing. The company will continue to operate under the USXL brand. A fast-growing independent leasing company, USXL brings to Tygris significant underwriting and originations expertise in five segments: Commercial & Industrial, Graphic Arts, Healthcare, Office Equipment, and Technology.
Tygris Commercial Finance Group, Inc. of
Tygris was founded by Aquiline Capital Partners LLC, a
In addition to Rick Wolfert, the company's management team will include: 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 L.L.C. 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
Subsequently, Tygris also announced the acquisition of US Express Leasing, Inc. ('USXL'), an equipment finance company headquartered in Parsippany, NJ, from DLJ Merchant Banking Partners in an all-stock transaction. James D. McGrane, chief executive officer of USXL, joins Tygris' management team as president of Small Ticket Leasing. The company will continue to operate under the USXL brand. A fast-growing independent leasing company, USXL brings to Tygris significant underwriting and originations expertise in five segments: Commercial & Industrial, Graphic Arts, Healthcare, Office Equipment, and Technology.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
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The Article 8 Opt In
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Role and Responsibilities of Practice Group Leaders
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Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?