The Monitor’s fourth annual Women in Equipment Finance list highlights notable women within the industry. Verdant’s Jennifer Wirth was one of the 50 women who were recognized.
Jennifer Wirth
Vice President of Operations
Verdant Commercial Capital
“I’m excited for the growth of women in the industry. The number of women who have joined the industry over the past two decades has been a welcomed addition. My simple advice: The next opportunity is waiting and out there for you; don’t be afraid to take the risk and welcome the reward.”
Verdant Commercial Capital, LLC has completed the first ever on-bill repayment agreement for the State of California’s GoGreen Business Energy Financing program. GoGreen Business is committed to sustainability, and it supports small businesses that upgrade their operations in a more energy-efficient manner.
The ELFA Convention had to quickly change its venue due to a climate catastrophe on the western coast of Florida—Hurricane Ian. Ironically, while Ian was forming, a panel of speakers was preparing to present on climate finance and usher in a new ELFA interest group.
Climate finance is a rapidly developing market – a “massive opportunity for the industry,” according to the convention speakers in Orlando, FL. On Oct. 11, they presented compelling facts and figures for consideration. Despite it being the last day and last session of the annual event, most seats were taken.
Joshua Patton, Vice President of Verdant Commercial Capital, addressed opportunities and structures in energy-efficient equipment finance. He said credit enhancements are available as well as commercial rebates and government grants. The focus, he said, is on equipment that saves energy and lowers a customer’s costs, such as LED lighting, HVAC, renewables and EV charging equipment.
Verdant Commercial Capital, LLC, one of the top 10 independent equipment finance companies, just celebrated its fifth anniversary. The company was founded in 2017 by equipment finance veterans Mike Rooney, Chris Kelley and John Merritt. This team brought their expertise and discipline from a combined 100+ years of experience working at both banks and independents to the vendor finance segment. Verdant provides financing to six strategic markets and funds business transactions ranging from $25,000 to over $50 million.
The Monitor 100 companies reported net assets of $531.2 billion, $209.1 billion in new business volume and 27,897 employees.
Portfolios remained stable in 2021, with an overall growth rate of 0.9% for the group, a slight improvement from the -0.8% decrease posted in 2020. Sixty-nine Monitor 100 companies reported a combined $20.2 billion increase in net assets while 31 posted declines equal to $15.4 billion, which resulted in a collective year-over-year increase of $4.8 billion.
The vendor finance world has been shaken up by many challenges over the last couple years, including supply chain shortages, inflation, the COVID-19 pandemic, a continually evolving market and increasing interest rates. Monitor spoke with vendor finance leaders to get some perspective on these unprecedented fluctuations.
Uncertainty has been the only constant over the last two years. During this time, the vendor finance world has been shaken up by many challenges in the economy, like supply chain shortages, inflation, the COVID-19 pandemic, a continually evolving market and increasing interest rates. This has forced vendor finance providers to adapt and change the way they interact with partners. To get a handle on the vendor finance perspective, Kelly Furia of DLL Group, Dave O’Neill of Wells Fargo Vendor Financial Services, Mike Rooney of Verdant Commercial Capital and Cameron Watten of Amur Equipment Finance, shared their thoughts about the ongoing evolution of the market.
Verdant Commercial Capital is again growing its Golf, Sports & Entertainment team by adding Dan Smith as Vice President, Relationship Manager. He will be responsible for working with OEMs, manufacturers, and dealer partners in these industries to help them with their equipment financing needs.
“Verdant continues to expand in the Golf, Sports, and Entertainment industries,” said Mike Rooney, CEO of Verdant Commercial Capital. “Bringing Dan Smith onto the team will give us even more bench strength in this industry. Because Dan brings a familiarity of working with all stakeholders and partners, he will be a valuable asset to Verdant, OEMs and other partners.”
Cincinnati, OH — Verdant Commercial Capital, LLC executed a multiyear program agreement with Synovus Bank to provide a new equipment finance offering — Synovus Equipment Leasing — for Synovus Bank commercial customers. Through the offering, leasing and equipment finance agreements for essential use equipment can range from $25,000 to $50 million. The program is for Synovus commercial customers only and is now available.
A Cincinnati equipment finance company has completed a deal to raise $75 million to support its rapid growth.
Blue Ash-based Verdant Commercial Capital closed on the subordinated debt arrangement with Värde Partners, an alternative investment firm founded in Minnesota and with primary offices in Minneapolis, New York, London and Singapore.
Verdant provides financing to dealers who sell equipment. The additional debt will enable dealers to sell more equipment because they can provide more financing to customers.
Verdant Commercial Capital Obtains $75 Million Subordinated Debt Facility Provided by Värde Partners
Verdant Commercial Capital announced it recently closed on a $75 million subordinated debt facility provided by Värde Partners, a leading global alternative investment firm.
This capital will augment Verdant’s existing financing, allowing the company to further expand its balance sheet and help fuel Verdant’s rapid growth. Ultimately, this financing will help dealers sell more equipment by providing more access to equipment financing and make financing options more flexible for their customers.
“Additional capital helps support Verdant’s significant growth forecast these next few years as we continue our mission of helping our partners sell more equipment through flexible financing solutions,” said Mike Rooney, CEO of Verdant Commercial Capital. “Our new relationship with Värde is an important component to our long-term growth prospects.”