Non-bank lender BriteCap Financial formed with a capital investment from affiliates of North Mill Equipment Finance and from its own senior management team. BriteCap will be majority owned by a holding company affiliate of North Mill and will operate independently from North Mill. BriteCap’s senior management team previously worked together at its predecessor entity.
“The partnership and substantial capital investment from NMEF will allow us to dramatically scale up funding volumes leveraging the scalable operations experience of the management team with predecessor entities and to invest in the human and technology resources to manage the anticipated growth, including a newly launched broker channel initiative,” Sri Kaza, CEO of BriteCap, said. “We also intend to aggressively pursue strategic platform and portfolio acquisition opportunities.”
“We are excited about the investment in BriteCap and its talented management team,” David C. Lee, chairman and CEO of North Mill Equipment Finance, said. “Providing them the necessary capital to grow their small business working capital platform creates a compelling strategic opportunity for our stakeholders and partners.”
Stephens served as exclusive financial advisor to BriteCap and Houlihan Lokey served as exclusive financial advisor to North Mill on this transaction.
