MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance
WEST HARTFORD, Conn.–(BUSINESS WIRE)–MidCap Business Credit increased its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will enable MidCap to support the growth of its existing asset-based lending business and support the launch of its equipment finance vertical, MidCap Equipment Finance, which will focus on providing equipment leases and loans between $2 million and $20 million to middle-market customers in the United States and Canada.
Steve Samson, president of MidCap Business Credit, stated, “We are excited to expand our relationship with Wells Fargo. The Lender Finance team was very supportive throughout the process, and we are now able to offer both asset-based lending and equipment financing to our customers while leveraging our rigorous credit, servicing, and finance operations.”
“Wells Fargo values our relationship with MidCap, and we are proud to support their strategic plan and expanded product offering,” said Stewart Hayes, managing director for the Lender Finance division of Wells Fargo Capital Finance. “We are pleased to be part of MidCap’s ongoing growth story and look forward to helping them continue to serve middle-market clients.”
Saurin Shah will serve as president of MidCap Equipment Finance. Shah is an industry veteran with deep expertise in structuring equipment transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance, which started operations in 2010 (formerly Nations Equipment Finance). He started his equipment finance career with GE Capital. Joining Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit. Both Lightfoot and Berger were most recently at SLR Equipment Finance and worked closely with Shah in the past. This team invested over $1 billion in equipment loans and leases across a variety of industries.
“I am very excited to join MidCap to build out an equipment finance platform,” said Saurin Shah. “Since 2004 MidCap has been serving middle-market companies nationwide with its asset-based lending product. MidCap is a respected brand and consistent force in the industry. This expansion, with the support of Wells Fargo, represents a unique opportunity for our customers. We have great team with proven experience that has worked together for many years. We are committed to bringing our knowledge and expertise to the marketplace.”