Mountain Ridge Capital and Alpine Ridge Funding Announce Closing of $110 Million Senior Credit Facility from Wells Fargo Capital Finance
FRISCO, Texas, April 23, 2024 /PRNewswire/ -- Mountain Ridge Capital ("MRC") and Alpine Ridge Funding ("ARF"), independent asset-based lending and factoring companies backed by Arena Investors, LP ("Arena Investors"), are excited to announce the closing of a $110 million senior credit facility from Wells Fargo Capital Finance. The facility will support MRC's and ARF's continued growth in serving the credit needs of middle market companies across North America.
"Wells Fargo is pleased to support MRC and ARF with additional financial flexibility to advance their growth strategy," said Stewart Hayes, Managing Director at Wells Fargo Capital Finance. "We look forward to building a long-term relationship with MRC and ARF teams as they continue to scale their capabilities."
Craig Winslow, Chief Executive Officer of MRC, noted, "We are excited to partner with Wells Fargo, and combined with our existing facility we have with Encina Lender Finance, the addition of this facility allows us over $200 million of lender finance commitments which provide substantial incremental funding capacity as MRC and ARF continue to expand and service our customers."
Victor Dupont, Managing Director at Arena Investors and member of MRC's Board of Managers, added, "Arena welcomes MRC's relationship with Wells Fargo, and we remain supportive of MRC's efforts to provide competitive and flexible financing solutions for small and medium-sized enterprises across North America."
About Mountain Ridge Capital:
Mountain Ridge Capital ("MRC") is a nimble, relationship-focused lender offering liquidity to businesses in any industry and for a multitude of purposes. With an emphasis on originating, underwriting and managing asset-based commercial loans from $5 million to $50 million in commitment size, MRC provides highly customized revolver and term loans to lower middle market businesses. See www.mountainridgecap.com for more information.
About Alpine Ridge Funding:
Alpine Ridge Funding ("ARF") is a flexible, client focused financing provider for businesses in a broad array of industries that need working capital for a variety of reasons. ARF focuses on originating, underwriting and managing factoring facilities from $50,000 to $30 million for small to middle-market businesses across the U.S. and Canada. See alpineridgefunding.com for more information.
About Arena Investors:
Arena Investors is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With approximately $3.5 billion of invested and committed assets under management as of February 29, 2024, and a global team, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.
Media Contacts:
Mountain Ridge Capital:
Craig Winslow
craig.winslow@mountainridgecap.com
Prosek Partners:
Joshua Clarkson
pro-arena@prosek.com
Arena Investors, LP:
Parag Shah
ir@arenaco.com
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SOURCE Mountain Ridge Capital
