MIDCAP EXPANDS BUSINESS TO INCLUDE EQUIPMENT FINANCE…HIRES SHAH, LIGHTFOOT AND BERGER TO LEAD.
West Hartford, CT – MidCap Business Credit LLC announces today that it has formed a new entity MidCap Equipment Finance LLC and has retained a team of seasoned investment professionals to begin offering equipment loans and leases to middle market companies in the US and Canada. This new product offering will be complementary to MidCap’s existing business which has been providing working capital loans since 2004. The combination of asset-based lending and equipment finance in a single organization is a strong competitive advantage and a key differentiator in the independent financial services market space.
The equipment finance business will be led by Saurin Shah. Mr. Shah was a co-founder of SLR Equipment Finance (formally known as Nations Equipment Finance) and also spent many years at GE Capital. “We are excited to have Saurin help us build out our equipment finance platform and capabilities. We value his entrepreneurial approach and many years of experience structuring equipment finance transactions.” said Jeff Black, CEO. Additionally, MidCap has retained Matt Lightfoot to lead the originations efforts for this new business. Matt has been originating equipment finance transactions for many years directly with customers and working closely with financial intermediaries. Most recently, Matt was SVP of Business Development at SLR Equipment Finance. MidCap has also retained Al Berger to lead the underwriting and portfolio management efforts for this new business. Al has many years of commercial credit risk management experience for regulated and nonregulated companies. Al joins MidCap from SLR Equipment Finance where he was the SVP of Underwriting and Portfolio Management. “This leadership team has worked together for many years and brings tremendous value to MidCap. We are able to start originating, underwriting and funding equipment finance transactions immediately as this team leverages the existing funding capabilities and strong back office support that MidCap has developed over many years.” said Black.
MidCap Equipment Finance will focus on providing loans and leases between $2,000,000 and $20,000,000 to middle market companies located in the US and Canada across various industries. Our originations effort will be a combination of sourcing transactions directly from customers as well as working with intermediaries and brokers.