NEW YORK, July 12, 2021 /PRNewswire/ -- Tiger
Infrastructure announced that Sunlight Financial ("Sunlight"), a
premier, technology-enabled point-of-sale financing company,
completed its previously-announced business combination (the
"Business Combination") with Spartan Acquisition Corp. II
("Spartan") (NYSE: SPRQ), a publicly-traded special purpose
acquisition company sponsored by funds managed by an affiliate of
Apollo Global Management, Inc. (NYSE: APO) (together with its
consolidated subsidiaries, "Apollo").
The combined company is named Sunlight Financial Holdings Inc.
and on July 12, 2021 its common stock
began trading on the New York Stock Exchange ("NYSE") under the
ticker symbol "SUNL". Sunlight Financial LLC will be the new public
holding company's sole operating subsidiary and Sunlight's existing
management team will continue to lead the business.
Tiger Infrastructure, Sunlight's original institutional
shareholder, has worked closely with Sunlight since the beginning
of its high growth journey. Sunlight provides loans through
channel partners to homeowners for the installation of rooftop
solar and other residential infrastructure such as batteries and
various home improvements. At the time of Tiger's investment,
Sunlight had one channel partner. Today, Sunlight has over
1,000 channel partners through which it has enabled over 100,000
solar energy systems by providing over $4
billion in loans. Tiger Infrastructure remains the
largest investor following the merger.
Emil W. Henry, Jr, CEO of Tiger
Infrastructure and Chairman of the Board of Sunlight, said: "Prior
to our investment in Sunlight, Tiger was attracted to the solar
energy market given the strong industry tailwinds and the prospects
for continued US growth and penetration. After much research, we
saw the best return potential, consistent with our growth
infrastructure focus, in Sunlight's simple yet robust business
model which creates steady, reliable long-term cash flows from the
loans it provides to high quality counterparties. Matt and his team
have executed with great skill to make Sunlight a leading player in
their core solar markets, and they have demonstrated the ability to
ably penetrate adjacent markets such as batteries and home
improvements."
Marc Blair, Managing Director of
Tiger Infrastructure, added: "Congratulations to the Sunlight team
for their impressive success. The leadership team at Sunlight has
deep roots in evaluating credit, a critical success factor for
point-of-sale loan providers, and they have proven themselves adept
at applying that skillset as they have successfully expanded their
initial platform from one utility-owned channel partner at the
outset and penetrated adjacent markets beyond solar assets."
Matt Potere, CEO of Sunlight,
said: "We greatly appreciate our successful affiliation with Tiger
Infrastructure. It was natural and organic that Tiger would become
Sunlight's first institutional shareholder. Sunlight fit
Tiger's growth mandate, and in Tiger I saw a value-add partner with
deep and relevant experience and with a helpful, hands-on approach.
My team and I are looking forward to continuing working closely
with Tiger in the coming years."
About Sunlight Financial
Sunlight Financial is a
premier, technology-enabled point-of-sale finance company. Sunlight
partners with contractors nationwide to provide homeowners with
financing for the installation of residential solar systems and
other home improvements. Sunlight's best-in-class technology and
deep credit expertise simplify and streamline consumer finance,
ensuring a fast and frictionless process for both contractors and
homeowners. For more information, visit
www.sunlightfinancial.com.
About Tiger Infrastructure Partners
Tiger
Infrastructure Partners is a middle-market private equity firm that
invests in growing infrastructure platforms. Tiger
Infrastructure Partners targets investments in communications,
energy transition, transportation, and related sectors, primarily
located in North America and
Europe. For more
information, visit www.tigerinfrastructure.com.
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SOURCE Tiger Infrastructure Partners