Amalgamated
Capital Marks First Anniversary
More Than $100 Million in Commitments during
Initial Year
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NEW YORK, NY, October 7, 2010 - 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 New York's Cortec Group, ICV Capital Partners, and
Kinderhook Industries, Lineage Capital in Boston, Trivest Partners in Miami,
Florida, PNC Equity Partners in Pittsburgh, and ShoreView Industries in
Minneapolis.
"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."
