Business Issues New Commercial Finance Company to Acquire Marcap, U.S. Express Leasing
| New Commercial Finance Company to Acquire Marcap, U.S. Express Leasing |
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| Written by Stephanie Wasek | |
| Tuesday, 20 May 2008 | |
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Tygris Commercial Finance Group, a commercial finance company, has 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 was created to support the financing needs of middle-market companies in response to the current credit market dislocation that has constrained the availability of capital, says a press release.
As part of Tygris's formation, it has entered into an agreement to acquire substantially all of the assets and business of Marcap, one of the nation's largest middle market healthcare equipment financing companies. The Chicago-based Marcap works directly with ASCs, diagnostic imaging centers, hospitals and cancer and dialysis centers, and provides funding for healthcare equipment manufacturers. Tygris has also entered into an agreement to acquire U.S. Express Leasing, an equipment finance company headquartered in Parsippany, N.J. Founded by Aquiline Capital Partners, a New York-based private equity firm specializing in financial services, with New Mountain Capital and TPG Capital as lead investors, Tygris will be led by CEO Frederick E. Wolfert, formerly vice chairman of commercial finance of the CIT Group. Tygris will initially have offices in Chicago, Stamford, Conn., and Parsippany, N.J.  |
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