It goes without saying that 2021 followed in 2020’s challenging footsteps. Here, at GBC, we have positioned ourselves for a brighter 2022 through new partnerships, deeper relationships and significant additions to our leadership team. Here’s a sampling of what transpired at GBC in 2021.
Expanding our Financing Partnerships
In May we announced an expanded financing partnership led by Bank of America through a new $150MM line of credit. The line of credit provides Gibraltar the necessary capacity to serve our growing portfolio of lower mid-market businesses seeking flexible, reliable financing while they solve short-term challenges or seize growth opportunities.
Having reliable capital backing in this environment through Bank of America builds on our immense growth momentum that’s occurred since joining Hercules Capital in 2018. GBC’s new senior line of credit was led by Bank of America as the agent and includes Truist Bank and People’s United Bank as participants.
Bank of America, a participant in prior financing arrangements with Gibraltar, took on a new role in leading the syndicate. The $150MM line of credit includes added flexibility through an accordion feature that allows for GBC to access up to $200MM with room for even more growth down the road.
Bolstering our Board of Directors
In 2021 we were also pleased to announce that Jim Marasco, a widely respected senior executive leader with an extensive tenure at Wells Fargo Capital Finance, has been appointed to its Board of Directors. Jim has deep expertise in all aspects of secured and asset-based lending, leveraged finance, transaction sourcing and portfolio management.
Throughout his career, Jim and his team closed well over 2,000 transactions and provided more than $50 billion of credit commitments to the market. Jim is highly valued for his financial and strategic planning expertise as well as exceptional reputational integrity and robust network of professional connections.
Adding to our Team of Seasoned Industry Experts
GBC has bolstered our team of senior-level credit and asset-based lending professionals with the addition of many new, key team members.
- Jeff Stanek: A former Wells Fargo Capital finance Credit leader, Jeff joined our leadership team as EVP Chief Credit Officer. Jeff is a seasoned commercial lender with nearly 30 years of leadership experience in asset-based lending.
- Jean Elie Jr.: With three decades of vast experience, Jean joined us as an SVP Account Executive, managing a portfolio of loans and underwriting new loans.
- Todd Seehase: Todd joined our Credit Team as an SVP Account Executive for portfolio management and underwriting. Todd brings to the team more than 30 years of experience gained working at multiple brand name financial institutions.
- Taylor Kennedy: Based out of Dallas, Taylor joined our Business Development team as a VP covering the Southwest Region and reporting to Mike Conrad.
- Mike Conrad: Mike joined Gibraltar in 2016 to open the Charlotte office, where he is responsible for originating new loan relationships in the East region. Mike was recently promoted to a Team Leader role within the Business Development Organization.
Looking Ahead to 2022
Moving into 2022, with our expanded team of ABL experts and partnerships, we’re better equipped than ever to serve a diverse client base and meet market demands for alternative, less-restrictive forms of working capital financing.