Bastion Management Closes $20 Million Facility with Vernance

STAMFORD, Conn., July 24, 2024 /PRNewswire/ -- Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $20 million with accordions up to $60 million in Vernance LLC ("Vernance" or the "Company") to fund future growth of their consumer lease-to-own ("LTO") portfolio.

Vernance provides financing solutions for a wide range of consumer discretionary products. They work closely with their extensive network of approximately 4,000 third-party retailers, enabling customers to access financing options through both in-store and online transactions.

"Teaming up with Bastion marks a pivotal moment in our journey to expand Vernance's LTO solutions and reach a wider consumer base," said Daniel Collins, CFO of Vernance. "Our goal is to equip consumers with financial tools that simplify budget management. We're enthusiastic about the opportunity to elevate Vernance to a prominent position in the LTO sector, and we believe Bastion is the perfect partner to support our growth."

Tim Joyce, Co-President of Bastion, added, "We are excited to partner with Vernance, a company with an exceptional track record and commitment to customer satisfaction. This credit facility represents a significant step in the Company's growth and will help support the management team's mission of offering flexible and accessible leasing solutions to consumers.

About Bastion Management

Bastion is a private investment firm that provides creative financing solutions to small and midsized businesses operating in the alternative finance space throughout North America and in the UK. Over a decade since its inception, Bastion has closed over 50 transactions and over $1.3bn in total commitments to traditional consumer lending platforms and emerging companies in the financial technology industry. Bastion has a successful track record partnering with companies that have strong management teams and committed equity backing in support of the initial growth stage through to public listing. For more information visit bastionmgmt.com.

About Vernance

Headquartered in Henderson, Nevada, Vernance is a leading provider of lease-to-own (LTO) solutions for retailers of consumer goods and equipment. Vernance empowers both retailers and consumers by offering a convenient and accessible alternative to traditional purchasing methods. Through a network of over 4,000 retail partners, Vernance is transforming the in-store and online shopping experience, fostering deeper customer connections and driving merchant growth. For more information visit vernancefunding.com

SOURCE Bastion Management