Investment firm Arena unveils new division dedicated to equipment financing, backed by a $100 million fund.
New Equipment Financing Subsidiary Launched by Arena Investors
Arena Investors, a company managing approximately $4.6bn in assets, has announced the launch of a new subsidiary named Empire Asset Finance. The new company aims to shake up the equipment finance industry by offering direct private credit and advanced technology solutions.
Empire Asset Finance will focus on the mid-to-large-ticket segment of the $1.3tn annual US equipment finance market, providing financing for deals between $3m to $50m. The company's offerings include capital leases, operating leases, and loans, with advance rates of up to 100% for new equipment and competitive rates for used or sale-leaseback equipment.
Rick Rockhold, the Chief Executive Officer of Empire Asset Finance, expressed dissatisfaction with the traditional 50-year-old lending model for mid to large ticket clients. He believes that by financing assets against their productive value, Empire Asset Finance can enable businesses to expand while preserving liquidity from their traditional bank facilities.
Mike Miroshnikov serves as the chief operating officer and chief credit officer of Empire Asset Finance. Between them, Rockhold and Miroshnikov have 60 years of industry experience.
Arena Investors stated that Empire Asset Finance offers creative and flexible solutions for those seeking capital but cannot be served by conventional institutions. The press statement did not provide details on the timeline for the launch of Empire Asset Finance.
Empire Asset Finance is backed by an initial commitment of $100m (£74.2m) from Arena Investors. The subsidiary aims to change the dynamic in the equipment finance space by pairing advanced technology with direct private credit, promising faster, more efficient, and more transparent solutions that match the pace of its clients' businesses.
It is not specified in the article whether Crowell & Moring has hired an asset-based finance lawyer to advise Empire Asset Finance.
The focus of Empire Asset Finance is on non-investment grade middle market companies, providing financing for these companies that may struggle to secure funding from traditional lenders. This move could open up new opportunities for businesses in the non-investment grade sector, helping them to expand and grow.
In summary, Arena Investors has launched a new subsidiary, Empire Asset Finance, which aims to revolutionize the equipment finance industry by offering direct private credit and advanced technology solutions. The company will focus on the mid-to-large-ticket segment of the US equipment finance market and provide financing for non-investment grade middle market companies. The leadership team at Empire Asset Finance has a wealth of industry experience, and the company promises faster, more efficient, and more transparent solutions for its clients.
Read also:
- Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
- Steak 'n Shake CEO's supposed poor leadership criticism sparks retaliation from Cracker Barrel, accusing him of self-interest
- President von der Leyen's address at the Fourth Renewable Hydrogen Summit, delivered remotely
- Unveiling Innovation in Propulsion: A Deep Dive into the Advantages and Obstacles of Magnetic Engines
