Square 1 Bank Announces Credit Facility to New State Capital Partners
30 Oktober 2018 - 2:00PM
Square 1 Bank, a division of Pacific Western Bank, today announced
that it has provided a $45 million credit facility to existing
client New State Capital Partners, a private equity firm
specializing in middle-market investments. Proceeds from the
facility will be used to secure new investment opportunities and
bridge timing between capital calls.
Located in Larchmont, New York, New State Capital Partners
invests in companies across a variety of sectors including business
services, industrials and healthcare services. New State’s typical
investment ranges between $10 million to $50 million of equity in
companies with $8 million to $30 million of EBITDA. “We
strive to be a different kind of private equity firm with a more
flexible mandate and more nimble approach to investing, focused on
being good partners,” said David Blechman, founder and principal of
New State. “We are proud of the strong group of portfolio companies
we have invested in to date and are thankful to our financial
services partner Square 1 for helping us achieve our goals.”
“The team at New State Capital Partners has seen great traction
with their focused investment strategy,” added Mike Breaux, vice
president in Square 1’s Equity Funds Group. “Square 1 is pleased to
support New State and looks forward to expanding the relationship
into their second fund.”
About Square 1 BankSquare 1 Bank is a division
of Pacific Western Bank, a Los Angeles-based commercial bank with
over $24 billion in assets. A full service financial services
partner to entrepreneurs and their investors, Square 1 provides
clients flexible resources and attentive service to help their
companies grow. Square 1 offers a broad range of venture debt,
treasury and cash management solutions through offices in top
innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago,
Denver, Durham, Los Angeles, Minneapolis, New York, San Diego,
Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned
subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information,
visit www.square1bank.com.
About New State Capital PartnersNew State
Capital Partners, LLC is an entrepreneurial-minded private equity
firm that strives to be more nimble, more decisive and more
cooperative than larger, institutional firms. New State prides
itself on a long-term outlook, approaching each potential
investment as an opportunity to create lasting and valuable
relationships, rather than as an exercise in meeting rigid
investing criteria. The firm is very flexible about the structure
of its investment and focuses on growth and add-on investment. New
State invests in market-leading companies with $8
million to $30 million of EBITDA in the areas of
business services, healthcare services and industrials, and has
approximately $700 million in assets under management.
New State and its affiliates have invested in 17 companies
since January 2014. For more information
visit www.newstatecp.com.
Media Contact: Square 1 Bank, a division of
Pacific Western Bank Laura Piggott919.597.7466
lpiggott@square1bank.com
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