Acquisition Financing:
A primer on capital sources and structural considerations

Although risky and oftentimes complicated, the benefits of an acquisition can be significant. Rarely do middle-market companies have excess cash available to fund an acquisition. Financing the acquisition may be top of mind long before a transaction occurs; yet, many companies select to put this step on hold until…

The Minority Recapitalization: Maximizing shareholder value while retaining economic control

A Minority Recapitalization (Recap) is a viable liquidity alternative for company owners. However, Cyprium has frequently observed that business owners lack the market awareness that would enable them to develop an appreciation for the prospective benefits of a Minority Recap option. Just as important, many issuers are oftentimes unaware of the flexibility that junior capital […]

Fundless Sponsors: What They Can Bring to Middle Market Transactions

No Firm Commitment By Phil Curatilo and Beth Laschinger November 19, 2007 A tightening credit market and ever–increasing deal competition is driving private equity firms to secure investment opportunities from alternative sources. In this environment, fundless sponsors have emerged as another option for middle–market, committed capital funds. Fundless sponsors (aka independent sponsors) are groups with […]

The Evolution of Second Lien Lending and Its Impact on Mezzanine Capital

Will 2007 Be the Year of Mezzanine Financing? Second lien loans have enjoyed surging popularity in recent years, while more traditional mezzanine structures have been sidelined. Could rising interest rates and a cooling economy signal an upcoming resurgence for mezzanine financing? By Cindy Babitt and Beth Laschinger March 1, 2007 The Evolution of Second Lien […]