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.
SOURCE Tiger Infrastructure Partners