July 27, 2009 – Bryant Park Capital is pleased to announce that CashReady LLC, a leading provider of capital to small and medium sized businesses throughout the United States, has secured a $50 million credit facility from a multi-strategy alternative investment firm. The facility will be dedicated to the origination, funding and purchase of merchant cash advance portfolios in order to grow CashReady’s business.
Bryant Park Capital formally launched the CashReady marketing process during the fourth quarter of 2008, in the midst of unprecedented financial turmoil. The global credit crunch choked off lending as U.S. loan issuances in 2008 plunged 55.0% from 2007. Bryant Park Capital professionals approached more than one hundred traditional and non-traditional financing sources, many of whom were also affected by the downturn in the markets and had pulled back on lending activity. Ultimately, Bryant Park Capital was able to culminate the process in bringing together CashReady with a financing source that recognized the future growth potential of the business.
Brandon Becker, President and Chief Executive Officer of CashReady LLC, said “Despite a difficult economic environment and tight credit markets, Bryant Park Capital professionals remained dedicated throughout the engagement and showed perseverance and resourcefulness in identifying an appropriate capital partner. The Bryant Park Capital team played an integral role in helping us navigate the process, adding significant value and insight each step of the way. We look forward to our continued work with Bryant Park Capital as we deploy the capital to help grow our business.”
Joel Magerman, Managing Partner and Chief Executive Officer of Bryant Park Capital, added “We are excited to have secured CashReady the financing they need to execute on management’s growth strategy. I believe that Bryant Park Capital has built a reputation for helping great businesses succeed in difficult situations, as shown through our proven track record in all market conditions and often under severe time constraints.”
Bryant Park Capital acted as exclusive financial advisor to CashReady in connection with this transaction.