NEW YORK, Oct. 6 /PRNewswire/ -- Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, is celebrating its first anniversary, marking the end of a year in which AmalCap closed more than $100 million in commitments with a number of leading private equity sponsors.
Commenting on the division's early success, Amalgamated Bank's President and CEO Derrick D. Cephas said, "Tim Clifford and his team have done a great job. They executed against their business plan by taking advantage of a window of opportunity to expand and build relationships with private equity firms that focus on lower middle-market companies. In just a few months from start-up, they closed their first transaction and have maintained strong momentum, completing a new transaction every six to eight weeks."
The division's initial transactions involved top-tier firms such as Lineage Capital in Boston, Trivest Partners in Miami, PNC Equity Partners in Pittsburgh, ShoreView Industries in Minneapolis, and New York's Cortec Group, ICV Capital Partners, and Kinderhook Industries.
"We could not have accomplished what we did without strong support from our private equity sponsors, industry colleagues and other friends we have made on the journey through this first year," said Timothy Clifford, Executive Vice President and Head of AmalCap. "We especially value the confidence and trust they have placed in us to get the job done, and we thank them for their business. As we start our second year, we have more than $25 million committed and remain focused on structuring attractive cash flow-based senior financing for private equity sponsors across the United States."
About Amalgamated Capital
Amalgamated Capital (AmalCap), headquartered in New York, is the leveraged finance division of Amalgamated Bank, a privately-owned commercial bank with nearly $5 billion in assets. AmalCap, formed in September 2009, is focused exclusively on building strong, long-term relationships with private equity sponsors by delivering timely and reliable cash flow-based senior financing solutions for investments in the lower middle-market nationwide. Its borrowers operate in a diverse array of industry sectors and generally have annual revenue ranging from $15 million to $150 million and EBITDA of $3 million to $15 million. For more information, visit AmalCap online at www.amalcap.com.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank with nearly $5 billion in assets. The Bank's corporate divisions also include Commercial Banking, Commercial Real Estate Finance, Amalgamated Capital™, and Amalgamated Business Credit, which as part of the Commercial Banking Division provides asset-based financing.
Amalgamated Bank is also one of the leading providers of investment and custody services to Taft-Hartley plans in the United States. Amalgamated's Institutional Asset Management & Custody Division serves over 850 public sector and Taft-Hartley clients, manages over 1,100 accounts and has over $10.5 billion in assets under management. In the area of corporate governance, the Division is a recognized leader in shareholder activism.
Amalgamated has 24 retail branches including 18 in New York City as well as branches in: Las Vegas, Nevada; Lyndhurst, New Jersey; Pasadena, California, and Washington, D.C. The Bank's website is www.amalgamatedbank.com.
SOURCE Amalgamated Capital