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Citizens announced today that it has provided financing to San Francisco-based PRO Unlimited Global Solutions Inc.

Established in 1991, PRO Unlimited is a leading provider of end-to-end contingent workforce management solutions to a broad range of global clients and has been a Citizens client for more than 10 years.

The first financing was new $900 million asset-based senior credit facilities, comprised of an $825 million asset-based revolving credit facility and a $75 million First In, Last Out (“FILO”) tranche, to support EQT Private Equity’s acquisition of the company from Harvest Partners, LP and its affiliates and Investcorp.

Andrea Pipitone Beirne is a partner at KPMG in the Deal Advisory and Strategy in Chicago.  She specializes in due diligence for lenders related to asset-based and asset-backed transactions.   Prior to joining KPMG, Andrea was at Arthur Andersen where she was in the Audit and Advisory groups.    Andrea works on international and domestic deals in a number of industries, such as manufacturing, distribution, retail, services, technology and healthcare.  Her experience, background and team that has been built over her 28-year career in consulting has made her a trusted business advisor to many financial institutions.  Andrea graduated from DePaul University with a Bachelor of Science in Accountancy. 

Clarus Capital was founded by Steve O'Leary, Tim Conway, and Michael Eisenstein who will serve as Chief Executive Officer, Chairman and Chief Financial Officer, respectively.

As companies and lenders evaluate performance risk and expectations for 2022, the trends previously considered to be emerging need to be considered a permanent part of the 2022 business environment. At this point, it is unrealistic to consider inflation transitory, or to believe there is a magic switch that will eliminate labor and supply chain issues.

Tiger Finance has closed on $17 million in growth financing for an East Coast industrial real estate investment and development firm.

Over the past five years, the company has acquired more than $400 million in Class A to C industrial assets—with an emphasis on distribution and fulfillment centers--boosting its portfolio of owned and managed space to nearly 5 million square feet. The new loan from Tiger Finance will be used for the acquisition and redevelopment of a 560,000-square-foot, Class B, two-building industrial property in the Mid-Atlantic region.

From the fourth quarter Phoenix Management “Lending Climate in America” survey results reveals supply chain constraints are the biggest concern for the U.S economy as we enter 2022.

Peter York is managing director and head of the Asset Based Lending (ABL) practice for the Corporate & Investment Bank of J.P. Morgan. He has been with J.P. Morgan for over 17 years and has more than 27 years of secured ABL experience. York’s strengths include large multibank syndicated financing, cross-border structuring, leveraged buyout finance, and bankruptcy and debtor-in-possession (DIP) financing.

Huntington Business Credit announced it closed a new $25,000,000 credit facility with Ames Copper Group, LLC on November 19, 2021.  Proceeds of the facility were used to finance start-up expenses and to provide ongoing working capital growth financing.             

Ames Copper Group, LLC, located in Shelby, North Carolina, is a start-up copper smelter producing copper cathode primarily used in the production of copper wire and rod.        

SFNet is pleased to present the latest SFNet Market Pulse, a periodic report that informs lenders about emerging economic trends likely to affect secured lending and their borrowers’ industries over the next one to two quarters.

Accord Financial is pleased to announce that it closed a $15M facility for an oil and gas services company.  Its newest client provides transportation, environmental and related services to the oil and gas sector. With operations in Alberta and BC, this company, a leader in its field, needed a solid financing structure to return to pre-pandemic levels and have access to sufficient cash flow to support growth, confident that its financial partner would be able to accompany them along this path.

The staff and volunteer leaders of the Secured Finance Network are saddened to hear of Ron’s passing. We express our sincerest condolences to his family. 

Ronald established a national reputation as a leader in the commercial finance industry. He was active in the National Commercial Finance Association, where he served for several years on its board, and as the organization’s President and Chairman.