MidCap Financial Services successfully closed the acquisition of substantially all of PNC Bank’s Franchise Finance loan portfolio.

In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial, including Bernard Lajeunesse, former senior vice president and general manager of PNC Franchise Finance, who will be leading the new initiative.

Steve Curwin, CEO of MidCap Financial, said, “Since its acquisition of the platform from ECN Capital, PNC has been a leading provider of senior debt financing to the U.S. franchise industry, and we are fortunate to be able to acquire this outstanding business. This new endeavor further establishes our leading position in the middle market lending space. Bernie and his team have a long, successful track record, and I am confident they will continue that legacy at MidCap.”

For the transaction, Milbank served as legal advisor to MidCap Financial.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. It is managed by Apollo Capital Management.