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Deerpath approaches each investment as an opportunity to establish long term relationships with private equity sponsors, management teams and entrepreneurs. We leverage our extensive investment experience to offer flexible financing solutions to fit the needs of each company with competitive terms and structures.
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Deerpath was founded in 2007 by a team of experienced principals to pursue senior debt investments in lower-middle market companies. Since inception, Deerpath has completed over 300 investments, deploying over $2 billion of invested capital across a broad range of industries, investment products and transaction types.
With offices in New York, Boston, Chicago, Fort Lauderdale, and Los Angeles, Deerpath has direct origination and execution capabilities throughout the United States and Canada.
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Deerpath's competitive advantages as a financing partner include the following:
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Disciplined Investment Approach
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Vast origination network sourcing 1400+ deals per year
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Initial due diligence and deal screening involves the investment committee, creating greater certainty of completion
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Strong and Consistent Track Record
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Strong risk-adjusted returns since inception with consistent cash yield, low volatility and emphasis on capital preservation
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Deal Partnership
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Collaborative approach to deal structuring with importance placed on experience of equity sponsor and operating needs of underlying companies
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Competitive Edge
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Experience and skill structuring and executing complex transactions
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Competitive pricing and ability to create flexible structures
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Nimble organizational structure allowing for speed of execution
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Highly Experienced Team
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Strong origination, credit, execution and portfolio management skills
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Experience investing through various market conditions and credit cycles
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Deerpath typically seeks to invest between $5 million to $40 million in companies with the following characteristics:
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Revenue of $10 million to $200 million
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EBITDA of $2 million to $20 million
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Established operating history
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Financial sponsor-backed and/or owner-operated
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Strong recurring revenue and/or high visibility into future cash flow generation
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Deerpath's investment professionals bring significant expertise investing across a broad range of industries, investment products and transaction types.
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INVESTMENT PRODUCTS
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First Lien Senior Secured Loans
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Senior Stretch Loans
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Unitranche Loans
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Minority Equity
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Revolvers
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TRANSACTION TYPES
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Change of Control
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Growth Capital
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Debt Refinancing
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Acquisition Financing
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Recapitalizations
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INDUSTRY TYPES
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Technology
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Healthcare
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Business Services
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Consumer / Retail
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Distribution
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Niche Manufacturing
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Energy Services
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Financial Services
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Telecommunication / Media
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GARY C. WENDT
Chairman of Management Committee
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Mr. Wendt was a senior executive of GE Capital from 1975 to 1998, including serving as Chairman and Chief Executive Officer of GE Capital from 1986 to 1998 and as President and Chief Executive Officer of GE Credit Corporation from 1984 to 1986. He subsequently led the restructuring of Conseco, Inc. as Chairman and Chief Executive Officer from 2000 to 2002. Mr. Wendt is a graduate of Harvard Business School and the University of Wisconsin.
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| Ft. Lauderdale, FL |
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JAMES H. KIRBY
President & Management Committee Member
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Mr. Kirby was previously a Managing Director and Portfolio Manager in credit investing at Dune Capital Management, LP and its predecessor fund at Soros Fund Management LLC from 2004-2006. He was a Managing Director in private equity investing at Madison Dearborn Partners where he was part of the communications industry investment team from 1996 to 2003. Mr. Kirby is a graduate of Harvard Business School and Princeton University.
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| New York, NY |
| (646) 786-1022 |
| JKirby@deerpathcapital.com |
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JOHN B. FITZGIBBONS
Management Committee Member
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Mr. Fitzgibbons is the Founder and Managing Member of J Fitzgibbons LLC and the Founder of Basin Holdings. He is the Founder of Integra Group, an oilfield services company that is listed on the London Stock Exchange. He previously was the Founder and Chief Executive Officer of Khanty Mansiysk Oil Corporation from 1993 to 2003. Mr. Fitzgibbons is a graduate of Harvard University.
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| New York, NY |
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TAS HASAN
Investment Committee Member
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Mr. Hasan is a Partner and a Member of the Investment Committee at Deerpath and leads the Investment Team. He joined Deerpath in 2007 and has 16 years of industry experience. He previously was an investment professional on credit investment teams at Dune Capital and GSC Group. He began his career in investment banking at RBC Capital Markets. Mr. Hasan is a graduate of Ithaca College (B.S.).
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| New York, NY |
| (646) 786-1018 |
| THasan@deerpathcapital.com |
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ORIN PORT
Managing Director: Origination
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Mr. Port is a Managing Director of Originations at Deerpath and leads the firm's business development activities. He joined Deerpath in 2012 and has 28 years of industry experience. He previously worked in wealth management, investment banking and leveraged finance at Comerica, Wells Fargo, Morgan Stanley-Smith Barney, Prudential Securities and JP Morgan. Mr. Port is a graduate of PACE University (M.B.A.) and the Binghamton University School of Management (B.S.).
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| New York, NY/ Ft. Lauderdale, FL |
| (954) 703-6041 |
| OPort@deerpathcapital.com |
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ANTONELLA NAPOLITANO
Managing Director:
Investor Relations
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Ms. Napolitano is a Managing Director on the Investor Relations Team and her primary responsibilities include investor relations activity, fundraising efforts and ongoing business development projects. She joined Deerpath in 2016 and has 13 years of industry experience. She previously worked as a Director and Private Equity and Hedge Fund Product Specialist for Credit Suisse's Private Banking Division, and prior was Vice President with the firm's Asset Management Division. She began her career at Credit Suisse as an Analyst in the Investment Banking Division. Antonella is a graduate of Georgetown University (Finance and International Business).
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| New York, NY |
| (646) 786-1019 |
| ANapolitano@deerpathcapital.com |
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ALLEN AMERI
Managing Director: Origination, Credit Underwriting & Research
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Mr. Ameri is a Managing Director on the Investment Team. His primary responsibilities include structuring, underwriting and executing new investments. He joined Deerpath in 2018 and has 16 years of industry experience. He previously worked in credit investing, leveraged finance, investment banking and management consulting at Frontier Impact Capital, East West Bank, Houlihan Lokey and Booz Allen Hamilton. Mr. Ameri is a graduate of the Stern School of Business at New York University (M.B.A.) and James Madison University (B.A.).
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| Los Angeles, CA |
| (310) 752-4955 |
| AAmeri@deerpathcapital.com |
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MARCUS BADGER
Managing Director: Origination, Credit Underwriting & Research
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Mr. Badger is a Managing Director on the Investment Team and his primary responsibilities include structuring, underwriting and executing new investments. He joined Deerpath in 2015 and has 13 years of industry experience. He previously spent the majority of his career originating, executing, and managing direct private equity investments at Raymond James Capital, Frontenac Company, and H.I.G. Capital. Mr. Badger is a graduate of the Kellogg School of Management at Northwestern University (M.B.A.) and the University of Michigan (B.B.A.).
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| Ft. Lauderdale, FL |
| (954) 703-6724 |
| MBadger@deerpathcapital.com |
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NATALIE GARCIA
Managing Director: Origination, Credit Underwriting & Research
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Ms. Garcia is a Managing Director on the Investment Team and her primary responsibilities include structuring, underwriting and executing new investments. She joined Deerpath in 2015 and has eight years of industry experience. She previously worked in private equity, investment banking and credit risk management at Palladium Equity Partners, Macquarie Capital Partners and JP Morgan. Ms. Garcia is a graduate of the Wharton School of the University of Pennsylvania (M.B.A.) and Georgetown University (B.A.).
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| Ft. Lauderdale, FL |
| (954) 703-6505 |
| NGarcia@deerpathcapital.com |
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MAURICIO REYES
Managing Director: Origination, Credit Underwriting & Research
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Mr. Reyes is a Managing Director on the Investment Team and his primary responsibilities include structuring, underwriting and executing new investments. He joined Deerpath in 2014 and has 13 years of industry experience. He previously worked in credit investing and leverage finance at Normandy Hill Capital, Dresdner Kleinwort and JP Morgan. Mr. Reyes is a graduate of the Kellogg School of Management at Northwestern University (M.B.A.) and the University of Miami (B.B.A).
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| Ft. Lauderdale, FL |
| (954) 703-6510 |
| MReyes@deerpathcapital.com |
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REED VAN GORDEN
Managing Director: Origination, Credit Underwriting & Research
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Mr. Van Gorden is a Managing Director on the Investment Team and his primary responsibilities include structuring, underwriting and executing new investments. He joined Deerpath in 2015 and has eight years of industry experience. He previously worked in leveraged finance and private equity at Golub Capital, Abingworth Management and JP Morgan. Mr. Van Gorden is a graduate of the Wharton School of the University of Pennsylvania (M.B.A.) and Northwestern University (B.A.). He is a Chartered Financial Analyst (CFA).
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| Chicago, IL |
| (312) 257-3180 |
| RVanGorden@deerpathcapital.com |
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MICHAEL CONTRERAS
Director
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Mr. Contreras is a Director on the Investment Team and his primary responsibilities include structuring, underwriting and executing new investments. He joined Deerpath in 2018 and has eight years of industry experience. He previously worked in special situations credit investing, mezzanine finance and investment banking at Hunting Dog Capital, GoldPoint Partners and UBS. Mr. Contreras is a graduate of the Warrington College of Business at the University of Florida (M.S. and B.S.).
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| Boston, MA |
| (617) 702-8550 |
| MContreras@deerpathcapital.com |
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KONSTANTIN KATSMAN
Vice President
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Mr. Katsman is a Vice President at Deerpath and a member of the Investment Team. He joined Deerpath in 2014 and has six years of industry experience. He previously worked in investment banking and public accounting at KeyBanc Capital Markets and PricewaterhouseCoopers (PwC). Mr. Katsman is a graduate of the Fisher College of Business at The Ohio State University (B.S.B.A).
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| Los Angeles, CA |
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PATRICK KANE
Senior Associate
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Mr. Kane is a Senior Associate at Deerpath and a member of the Investment Team. He joined Deerpath in 2015 and has six years of industry experience. He previously worked in investment banking at Verit Advisors LLC. Mr. Kane is a graduate of the University of Chicago (B.A.).
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| Chicago, IL |
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NICOLAS ECEIZABARRENA
Associate
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Mr. Eceizabarrena is an Associate at Deerpath and a member of the Investment Team. He joined Deerpath in 2018 and has four years of industry experience. Before joining Deerpath, he was part of the Mergers & Acquisitions teams at SBA Communications, Aguirre Newman, and INTL FCStone. Nicolas graduated from Bryant University with a degree in Business Administration and is a Candidate to the CFA Program level three exam.
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| Ft. Lauderdale, FL |
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DOMINIC HERING
Associate
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Mr. Hering is an Associate at Deerpath and a member of the Investment Team. He joined Deerpath in 2017 and has four years of industry experience. He previously worked in leveraged finance at Fifth Third Bank, providing financing solutions for private equity clients. Mr. Hering is a graduate of Ohio University (B.B.A.).
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| Chicago, IL |
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ALEX MORRISON
Associate
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Mr. Morrison is an Associate at Deerpath and a member of the Investment Team. He joined Deerpath in 2018 and has four years of industry experience. He previously worked in investment banking at Duff & Phelps. Mr. Morrison is a graduate of The Ohio State University (B.S.).
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| Ft. Lauderdale, FL |
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JOE PRESCOTT
Analyst,
Investor Relations
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Mr. Prescott is an Analyst on the Investor Relations Team and has two years of industry experience. Prior to joining Deerpath, he was a credit underwriter at LiftForward, Inc. Mr. Prescott graduated from Brown University with a Bachelor of Arts (A.B.) degree in Business, Entrepreneurship and Organizations.
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| New York, NY |
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ANISH BAHL
Chief Financial Officer
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Mr. Bahl is the Chief Financial Officer and the Chief Compliance Officer of Deerpath, which he joined in 2007. He oversees internal finance, operations activities and the compliance program. Mr. Bahl previously was a Controller and Operations Manager of Digital Century, an investment management firm. He was a Senior Associate with PricewaterhouseCoopers, LLP responsible for planning and executing audit engagements for investment management clients, and was with the investment management client practice of audit firm McGladrey and Pullen LLP. Mr. Bahl is a graduate of Queens College of the City University of New York (B.A. in Accounting & Information Systems).
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| New York, NY |
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DEREK DUBOIS
Managing Director:
Treasury
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Mr. Dubois is a Managing Director on the Treasury Team at Deerpath, and manages the external debt financings for the Deerpath Capital funds. He joined Deerpath in 2015 and has 14 years of industry experience. He previously worked in the asset management and treasury and loan operations areas of Newstar Financial and Bank of America/Fleet Bank. Mr. Dubois is a graduate of the University of Massachusetts (M.B.A.) and Bentley University (B.S.).
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| Boston, MA |
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MICHAEL DAVIS
Director, Finance
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Mr. Davis is the Director of Finance at Deerpath. He joined the team in 2012 and has 14 years of industry experience. His primary responsibilities include overseeing the operations team responsible for the fund accounting, financial reporting and loan administration for the funds. Mr. Davis also is the lead on Deerpath funds annual audits. His previous work experience was in fund accounting and operations at John W. Henry & Co. and Franklin Templeton Investments. He is a graduate of Florida State University (B.S. Finance).
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| Ft. Lauderdale, FL |
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MARK LYON
Marketing Manager
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Mr. Lyon is involved in internal and external marketing for Deerpath. He joined Deerpath in 2012, and has 12 years of experience in database management and networking development, working previously for Seacoast National Bank and Morgan Stanley. Mr. Lyon is a graduate the University of Massachusetts, Amherst (B.B.A.).
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| Ft. Lauderdale, FL |
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JOSH WYDRA
Senior Associate,
Treasury
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Mr. Wydra is a Senior Associate on the Treasury Team. He joined Deerpath in 2015 and has four years of industry experience. He previously worked in investment and operations consulting at Boston Portfolio Advisors, Inc. Mr. Wydra is a graduate of Kennesaw State University (B.B.A.).
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| Ft. Lauderdale, FL |
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STEPHEN JOHNS
Senior Associate,
Treasury
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Mr. Johns is a Senior Associate on the Treasury Team. He joined Deerpath in 2014 and has five years of industry experience. He previously worked in the asset management area of The Bank of New York Mellon. Mr. Johns is a graduate of the University of Pittsburgh (B.S.B.A.).
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| Ft. Lauderdale, FL |
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CARLOS FIGUEROA
Senior Associate, Loan Administration
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Mr. Figueroa is a Senior Associate on the Finance and Operations Team. He joined Deerpath in 2016 and has 11 years of industry experience. He previously worked as VP of Fund Administration at a private Investment Management firm in Puerto Rico and as a Fund Accountant at UBS Trust Company of PR. Mr. Figueroa is a graduate of the University of Puerto Rico (B.B.A in Finance).
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| Ft. Lauderdale, FL |
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JASON LAGUERRE
Fund Accountant
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Mr. Laguerre is a Fund Accountant on the Finance and Operations Team. He joined Deerpath in 2018 and previously worked as a corporate accountant at Fidelity National Financial. Mr. Laguerre is a graduate of Jacksonville University (B.S. Accounting).
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| Ft. Lauderdale, FL |
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RYAN SCHINDELE
Fund Accountant
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Mr. Schindele is a Fund Accountant on the Finance and Operations Team. He joined Deerpath in 2017 and has two years industry experience. He previously worked in wealth management at GenSpring Family Office's in Jupiter, FL. Mr. Schindele is a graduate of the University of South Florida (B.S. Accounting) and Palm Beach Atlantic University (M.Acc.)
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| Ft. Lauderdale, FL |
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NICK ROSS
Associate, Portfolio Management
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Mr. Ross is an Associate at Deerpath and a member of the Portfolio Management Team. He joined Deerpath in 2017 and has four years of industry experience. He previously worked in corporate ratings and portfolio management at Fitch Ratings and MUFG. Mr. Ross is a graduate of the University of Chicago (B.A.).
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| Chicago, IL |
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GENA ESKOW
Administrative Manager
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Ms. Eskow is the Administrative Manager at Deerpath. She manages Human Resources, deals with Compliance and runs operational support firm-wide. Ms. Eskow joined Deerpath in 2015 and has eight years of administrative experience.
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| New York, NY |
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DANIELLA TEZNA
Administrative Assistant
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Ms. Tezna is a bookkeeper and administrative assistant at Deerpath. She joined the team in 2017 and has six years of accounting and administrative experience. She is a member of the operations team and assists with the company's accounting and administrative responsibilities. Ms. Tezna is a graduate of Broward College (AA in Finance).
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| Ft. Lauderdale, FL |
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Deerpath's mission is to be a leading middle-market direct lending firm with a differentiated focus on minimizing credit losses while maintaining compelling and consistent yields and building valuable long-term relationships with our investors, borrowers, equity sponsors, financial intermediaries and management teams
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Diversity
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We strive to maintain a well-rounded and inclusive workplace of talented individuals
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Entrepreneurship
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We encourage innovation within the firm at all levels, allowing us to continually evolve as we grow
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Excellence
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We desire to be best in class and attract top talent who are self-motivated, experienced and results oriented
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Respect
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We reward teamwork and treating others both within and outside the firm with respect
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Partnership
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We build and sustain long-term relationships within the industry and with our investor community
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Accountability
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We take responsibility for our actions and deliver on commitments to borrowers, partners, and investors
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Teamwork
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We collaborate within and across functional lines to achieve our mission
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Honesty
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We believe integrity and reputation within the market and the investment community is of the utmost importance
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Assessing the impact of Environmental, Social and Governance ("ESG") matters within our portfolio is an essential part of our long-term investment strategy.
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Assessing the impact of Environmental, Social and Governance ("ESG") matters within our portfolio is an essential part of our long-term investment strategy.
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In 2016, we developed and implemented an official ESG policy, thereby making a public commitment to formally incorporating the consideration of ESG factors into our investment decision process.
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In 2017, we became a signatory to the United Nations Principles for Responsible Investment (UNPRI). As such, we have committed to adopt and implement UNPRI's 6 core principles. As a signatory, Deerpath is required to report annually on our ESG related activities and work together with other signatories to enhance our effectiveness in implementing the principles.
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We continue to network, collaborate and learn from our industry peers, sponsor partners, investors and sustainability industry experts on how we can continue to enhance our internal policies and procedures.
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For more information about Deerpath's commitment to responsible investing, please contact DeerpathIR@deerpathcapital.com. |
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For more information about UNRPI, please visit www.unpri.org. |
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Q3 Update - Deerpath Activity in Review
October 3, 2018
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Preqin Q&A with James Kirby: SUCCESSFULLY TRANSACTING IN A CROWDED DIRECT LENDING MARKET
Q3 2018
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Q2 Update - Deerpath Activity in Review
July 16, 2018
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DEERPATH CAPITAL MANAGEMENT, LP NAMED 2017 SBIC OF THE YEAR BY THE U.S. SMALL BUSINESS ADMINISTRATION
April 4, 2017
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NEWS ARCHIVE
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Q3 Update - Deerpath Activity in Review
October 3, 2018
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Q2 Update - Deerpath Activity in Review
July 16, 2018
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Q1 Update - Deerpath Activity in Review
April 10, 2018
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Q4 Update - Deerpath Activity in Review
January 9, 2018
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Q3 Update - Deerpath Activity in Review
October 17, 2017
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Q2 Update - Deerpath Activity in Review
July 20, 2017
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Q1 Update - Deerpath Activity in Review
May 2, 2017
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DEERPATH CAPITAL SUPPORTS GROWTH ACQUISITION PLAN FOR SOUTHERN DENTAL ALLIANCE
March 2, 2017
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DEERPATH CAPITAL SUPPORTS FOUR ACQUISITIONS FOR TOGETHERWORK HOLDINGS, LLC
March 2, 2017
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DEERPATH CAPITAL SUPPORTS REFINANCING AND GROWTH PLAN FOR THE SHADE STORE
February 8, 2017
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DEERPATH CAPITAL SUPPORTS RECAPITALIZATION OF CASTLEWOOD TREATMENT CENTERS
January 5, 2017
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DEERPATH CAPITAL SUPPORTS RECAPITALIZATION OF INSURANCE TECHNOLOGIES, LLC
December 15, 2016
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Preqin Q&A with James Kirby: SUCCESSFULLY TRANSACTING IN A CROWDED DIRECT LENDING MARKET
Q3 2018
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DEERPATH CAPITAL BECOMES A SIGNATORY OF THE PRINCIPLES FOR RESPONSIBLE INVESTMENT (PRI)
May 1, 2017
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DEERPATH CAPITAL MANAGEMENT, LP NAMED 2017 SBIC OF THE YEAR BY THE U.S. SMALL BUSINESS ADMINISTRATION
April 4, 2017
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DEERPATH CAPITAL SUPPORTS FOUR ACQUISITIONS FOR TOGETHERWORK HOLDINGS, LLC
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March 2, 2017
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New York, NY — Deerpath Capital Management, LP today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support four acquisitions by Togetherwork Holdings LLC, a portfolio company managed by Aquiline Capital Partners, LLC.
Togetherwork is an emerging leader in payment processing software for groups and organizations of all kinds. Building on the foundation of Omega Financial, LLC, Togetherwork aims to acquire software companies in adjacent verticals, creating a family of companies that provide similar technology and services to broader organizations such as sports leagues, summer camps and cultural and educational institutions.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL SUPPORTS GROWTH ACQUISITION PLAN FOR SOUTHERN DENTAL ALLIANCE
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March 2, 2017
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New York, NY — Deerpath Capital Management, LP acted as lead arranger and administrative agent on the funding of a senior credit facility to support the growth acquisition plan for Southern Dental Alliance ("SDA"), a portfolio company of Source Capital, LLC. Deerpath has helped finance five of SDA's most recent add-on acquisitions since August 2016.
Southern Dental Alliance is a multi-specialty dental service organization in the Southeast catering to pediatric and adult patients. Headquartered in Atlanta, Georgia, the Company operates 32 clinics across seven primary brands in Georgia, South Carolina and Tennessee.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL SUPPORTS REFINANCING AND GROWTH PLAN FOR THE SHADE STORE
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February 8, 2017
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New York, NY — Deerpath Capital Management, LP today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the refinancing and growth plan for The Shade Store, a portfolio company of Great Hill Partners.
The Shade Store is a leading direct-to-consumer provider of custom window treatments, offering shades, blinds, drapery, and other window treatment products and services online and through its 47 branded showrooms. Since its founding, The Shade Store has developed a national brand synonymous with quality, value and service.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL SUPPORTS RECAPITALIZATION OF CASTLEWOOD TREATMENT CENTERS
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January 5, 2017
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Chicago, Illinois — Deerpath Capital Management, LP today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the recapitalization of Castlewood Treatment Centers by The Riverside Company.
Castlewood is a leading provider of inpatient and outpatient treatment services for patients suffering from eating disorders and other co-occurring disorders such as anxiety, trauma, chemical dependency, and depression. The Company provides residential treatment, partial hospitalization, and intensive outpatient treatment.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL SUPPORTS RECAPITALIZATION OF INSURANCE TECHNOLOGIES, LLC
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December 15, 2016
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Chicago, Illinois — Deerpath Capital Management, LP today announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the recapitalization of Insurance Technologies, LLC, a portfolio company of Moelis Capital Partners, which is co-advised by NexPhase Capital.
Insurance Technologies provides sales and regulatory automation solutions to the insurance and financial services industries. The Company's products, ForeSight® (sales illustration) and FireLight® (electronic applications), supply carriers and distributors with sales tools needed to streamline and accelerate the sales process.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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Preqin Q&A with James Kirby: SUCCESSFULLY TRANSACTING IN A CROWDED DIRECT LENDING MARKET
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Q3 2018
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Why does Deerpath Capital focus on lower-middle-market-sized borrowers?
In comparison to larger size loans, we believe the lower middle market offers a more attractive supply/demand balance for lenders. At Deerpath we see more than 1,200 lending opportunities in our size range in a typical year. This is a target-rich segment of the market from which to select deals. On the other hand, the level of competition among lenders is less intense for the smaller size loans. In general, we see lower leverage levels, stronger covenant packages and higher yields in the lower-middle-market segment versus larger loans. Investors sometimes ask us if smaller companies are too risky to be safe borrowers. The key factor for us is that we do not have to lend to every small company that knocks on our door. There are many poor-quality businesses in the lower-middle-market size range, but there are also many good-quality businesses in this same size range. We are able to select the small companies to whom we lend. With the large volume of new opportunities that we see annually, we can be highly selective in choosing good-quality businesses that we can lend to on attractive terms. Our typical borrower has an enterprise value of about $50mn. There are many good quality businesses of this size seeking financing.
The senior debt markets feel overheated today. How has Deerpath responded to this?
One thing we do is to try to focus on deal sizes that are just a bit smaller than where the heavy competition is. In today's environment we believe we are finding a lot of lending opportunities on attractive terms to good-quality businesses where the loan size is in the range of $20-30mn for all of the senior debt. We face competition for these deals, but there is less competition here than we see with larger size loans. A second thing we do is to try to stay constant on our risk metrics and use pricing as the dial we modulate to adjust to changing market environments. There is a certain band where we are comfortable on the key risk factors (quality of the underlying business, owner, position in the capital structure, leverage levels, covenants etc.) and we try to stay inside this band no matter where we are in the credit cycle. We use pricing as the tool to adapt to changes in the environment. We have taken down our pricing today versus what we could capture back in 2008/2009 when it was a more lender-friendly environment than it is today. Nevertheless, we think our yields today are quite attractive compared to what is available in the broader loan market.
What steps can you take to try to avoid credit losses?
Our investment philosophy has always been "safety first." We are not the type of lender that will compromise on risk levels in order to stretch for a higher yield. The most important factor in avoiding losses is to lend to only good-quality businesses. We believe one cannot start with a poor-quality business and make a good cash flow loan out of it because the interest rate is high
or the leverage ratio is low. We also care a lot about who the owner of the business is. We want to see an owner with access to additional capital and the economic incentive to provide more
capital to support the borrower should an unexpected problem arise. We like our borrower to have many years of operating history. Our typical borrower has 15-20 years or more of operating history, so we can evaluate based on actual historical performance how we think this borrower will fare during a recession. We want to see an experienced management team in place with the proper financial incentives. We structure our loans to maintain a conservative loan size relative to the cash flow and the enterprise value of the business. We have quarterly financial covenants that are set at the time that we make the loan based on the borrower's financing plan. We watch the performance of our portfolio companies closely and move swiftly to address problems. We know it often is easier to fix problems early on, before they grow to become big problems. The quarterly financial covenants are important in this regard.
About Deerpath Capital
Deerpath Capital Management, LP is a leading provider of senior debt financing to US lower-middle-market companies. Since inception, Deerpath has completed 300+ investments, deploying $2.2bn across a broad range of investment products and transaction types. Visit www.deerpathcapital.com to learn more.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL BECOMES A SIGNATORY OF THE PRINCIPLES FOR RESPONSIBLE INVESTMENT (PRI)
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May 1, 2017
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An approach to investing that aims to incorporate ESG factors into investment decisions
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New York, NY — We are pleased to announce that Deerpath Capital Management, LP has become a signatory of the United Nations' Principles for Responsible Investment (PRI). The PRI is recognized as the leading global network for investors who are committed to integrating environmental, social and corporate governance (ESG) considerations into their investment practices and ownership policies.
"Responsible investing has always been central to Deerpath's investment process, from origination to exit," said James H. Kirby, Deerpath's President. "The PRI provides a framework to further our approach and overall commitment to responsible investing. We are excited to be welcomed by the PRI and have the opportunity to work with other signatories to enhance the effectiveness of our ESG policies and procedures."
By becoming a signatory, Deerpath is publicly committed to investing its funds in accordance with PRI's six core principles. Deerpath has joined the community of signatories who share the firm's concerns about the alignment of investment activity with the broader interests of driving positive impact within our society and the global economy.
About the PRI
The six Principles for Responsible Investment are a voluntary and aspirational set of investment principles that offer a menu of possible actions for incorporating ESG issues into investment practice. The Principles were developed by investors, for investors. In implementing them, signatories contribute to developing a more sustainable global financial system. There are over 1,700 signatories, from over 50 countries, representing US$62 trillion.
About Deerpath Capital
Deerpath Capital Management, LP is a leading provider of senior debt financing to lower middle market companies across diverse industries. Deerpath views each investment as an opportunity to establish long term relationships with private equity sponsors, management teams and entrepreneurs.
Deerpath leverages its extensive investment experience to offer flexible financing solutions with competitive terms and structures to fit the needs of each company. From its five regional offices in New York, Chicago, Los Angeles, Houston and Fort Lauderdale, Deerpath typically seeks to invest between $5 and $40 million per transaction.
Since inception in 2007, the firm has completed nearly 200 investments, deploying over $1.4 billion of invested capital across a broad range of investment products and transaction types. Visit www.deerpathcapital.com to learn more.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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DEERPATH CAPITAL MANAGEMENT, LP NAMED 2017 SBIC OF THE YEAR BY THE U.S. SMALL BUSINESS ADMINISTRATION
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April 4, 2017
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Successful support of small businesses is recognized by the SBA
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New York, NY — Deerpath Capital Management, LP, a provider of senior debt financing to lower middle market companies, is proud to announce that one of its managed funds has been selected as the 2017 Small Business Investment Company ("SBIC") of the Year by the U.S. Small Business Administration.
The SBIC of the Year award recognizes Deerpath's success in supporting the growth and expansion of lower middle market businesses.
James H. Kirby, President of Deerpath Capital Management, LP, commented: "We at Deerpath Capital feel very honored to be recognized as SBIC of the Year for 2017. We appreciate the chance to participate in the SBIC program and believe participation in this program has brought important benefits to the businesses we have financed and to the investors in our funds. We look forward to continuing to participate in the SBIC program."
About the Small Business Investment Company Program
The U.S. Small Business Administration Office of Investment and Innovation SBIC Program is a multi-billion dollar, government-sponsored investment fund created in 1958 to bridge the gap between entrepreneurs' need for capital and traditional sources of financing. Today the SBIC program has 313 licensees managing over $28 billion in assets. For every $1 an SBIC raises from a private investor, the SBA will typically provide $2 of debt capital, subject to a cap of $150 million. For additional information, contact the SBA at www.asksbic.gov.
About Deerpath Capital
Deerpath Capital Management, LP is a leading provider of senior debt financing to lower middle market companies across diverse industries. Deerpath views each investment as an opportunity to establish long term relationships with private equity sponsors, management teams and entrepreneurs.
Deerpath leverages its extensive investment experience to offer flexible financing solutions with competitive terms and structures to fit the needs of each company. From its five regional offices in New York, Chicago, Los Angeles, Houston and Fort Lauderdale, Deerpath typically seeks to invest between $5 and $40 million per transaction.
Since inception in 2007, the firm has completed nearly 200 investments, deploying over $1.4 billion of invested capital across a broad range of investment products and transaction types. Visit www.deerpathcapital.com to learn more.
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FOR BUSINESS DEVELOPMENT INQUIRIES
ORIN PORT
Director
(954) 703-6041
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FOR INVESTOR AND CORPORATE RELATIONS INQUIRIES
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Q3 Update - Deerpath Activity in Review
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October 3, 2018
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of a provider of recoverable shipping rack logistics management services to nursery retailers and growers.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the refinancing and growth plan of a casual live entertainment and restaurant concept in the Southeast.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the sponsor buyout of a provider of dental care to skilled nursing facility patients across the U.S.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the sponsor buyout of an early childhood education and enrichment provider in the Northeast.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of an operator of men's health clinics, with 11 clinics across eight states.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the sponsor buyout of a multi-unit primary care practice group focused on treating the Medicare population.
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Q2 Update - Deerpath Activity in Review
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July 16, 2018
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization and merger of two test preparation providers by a Midwest-based sponsor.
The Company is a premier provider of live classroom and asynchronous online courses, tutoring, and preparation materials for admission tests related to various post-undergraduate programs including law school and medical school.
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Deerpath Capital Management, LP acted as lead arranger and administrative agent on the incremental funding of a senior credit facility for a portfolio company managed by a Midwest-based sponsor.
The Company is one of the largest end-to-end pallet management services providers in the United States.
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Deerpath Capital Management, LP participated in the funding of a senior credit facility to support the recapitalization of a provider of physical therapy services by a Northeast-based Sponsor.
The Company is an operator of physical therapy locations which provide a complete continuum of care along a wide range of physical therapy, chiropractic and acupunctural services, backed with effective administrative reporting.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of an environmental remediation Company by a Midwest-based Sponsor.
The Company is a provider of asbestos abatement, lead paint abatement, air duct and HVAC systems cleaning, mold remediation, and biological services to its customers.
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Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of a manufacturer of liquid level gauges and fuel sensors.
The Company is a leading manufacturer of liquid level gauges and fuel sensors for application in equipment of various types across the entire commercial & industrial segment.
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Q1 Update - Deerpath Activity in Review
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April 10, 2018
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December, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of a heating, ventilation, and air conditioning (HVAC) services provider by a Midwest-based sponsor.
The Company provides a full spectrum of mechanical HVAC retrofit and repair services primarily to the education, municipal, and hospital end markets in the Southwest.
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February, 2018 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of an acute brain injury rehabilitation provider by a Midwest-based sponsor.
The Company a leading provider of post-acute acquired brain injury rehabilitation services in the Mid-Atlantic, operating 35 facilities. The Company provides neurorehabilitation, neurobehavioral treatment, and supported living services in homes, apartments, and outpatient facilities.
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February, 2018 — Deerpath Capital Management, LP acted as a participant in the funding of a senior credit facility to support the recapitalization of an operator of private schools by a Northeast-based sponsor.
The Operator is a for-profit, private school company that manages Pre-K to 8th grade schools in US metropolitan markets. The Company operates 34 schools across 14 metro markets in nine states and has completed 15 acquisitions since inception.
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March, 2018 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the acquisition of a Software as a Service (SaaS) provider by a West Coast-based sponsor.
The Company provides mission-critical dealership management system software for the specialty vehicle market, including RV, marine, heavy duty truck, and emergency vehicles. Founded in 1984, the Company serves over 350 customers across North America.
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Q4 Update - Deerpath Activity in Review
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January 9, 2018
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October, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to support the recapitalization of an urgent care and primary care provider by a Midwest-based sponsor.
The Company is a leading regional provider of urgent care, primary care, and related services in the Northeast. The Company operates 18 locations, treating over 500 patients per day and over 180,000 patients annually.
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October, 2017 — Deerpath Capital Management, LP acted as participant in the funding of a senior credit facility to support the recapitalization of a provider of residential home services and restoration services by a Midwest-based sponsor.
The Company is a leading regional provider of specialty home renovation services for residential homeowners, including replacement windows, roofing, vinyl siding, attic insulation, and gutter guards. The Company has seven locations across the Midwest and provides delivery, installation and quality inspection services.
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October, 2017 — Deerpath Capital Management, LP acted as participant in the funding of a senior credit facility to support the recapitalization of a substance abuse treatment provider by a Northeast-based sponsor.
The Company is a national provider of chemical dependence and addiction treatment services with operations in California, Florida, and Maryland. The Company has nine treatment facilities that provide a range of therapies, including detox, inpatient rehab, residential, partial hospitalization and outpatient services.
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November, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to a portfolio company managed by a Midwest-based sponsor, to support its acquisition of a California-based provider of last-mile logistics solutions.
The Company is a leading provider of third-party logistics last-mile delivery solutions, providing routed delivery services, last-mile delivery, less-than-truckload and other delivery solutions. The Company is a regional market leader in the Midwest.
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November, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to a portfolio company managed by a Midwest-based sponsor, to support its acquisition of a provider of safety and security software solutions.
The Company is a leading provider of incident reporting and tracking software to law enforcement, education, healthcare, and corporate customers nationwide. The Company provides a SaaS-based software solution.
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November, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent in the funding of a senior credit facility to a portfolio company managed by a Northeast-based sponsor, to support its acquisition of a destination services provider.
The Company is a leading destination services provider, supporting relocation management companies by providing destination services, property management, valuation services, and intercultural training. The Company serves large, blue-chip customers worldwide.
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Q3 Update - Deerpath Activity in Review
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October 17, 2017
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July, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the refinancing of a portfolio company of a Midwest-based sponsor.
The Company is a leading branded marketer and distributor of temperature and pressure instrumentation, including gauges, thermometers, controls, instruments, and accessories. The Company sells its products to distributors, OEMs, and end users in the transportation, fluid power, and oil & gas end markets.
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July, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent on the funding of a senior credit facility to a portfolio company managed by a Northeast-based sponsor.
The Company is a leading specialized out-of-home ("OOH") advertising business that helps advertisers build one-to-one relationships with millions of consumers
nationwide during their daily lives in unexpected places.
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August, 2017 — Deerpath Capital Management, LP acted as lead arranger and administrative agent on the funding of a senior credit facility to support the recapitalization for a portfolio company managed by a Northeast-based sponsor.
The Company is a dental services organization providing business support services to affiliated dental practices in micropolitan areas across the Southeastern U.S. The company operates over 30 practices across Georgia, Tennessee and South Carolina.
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August, 2017 — Deerpath Capital Management, LP acted as lead arranger and administrative agent on the funding of a senior credit facility to a portfolio company managed by a Midwest-based sponsor, to support its acquisition of an industry leader in quality pallet manufacturing and recycling.
Founded in 1989, the Company is a leading provider of recycled pallets and pallet management services, with operations in Texas, Oklahoma, California and Arizona. The Company provides recycling and repair services, facilitating the re-use of previously used wood pallets and helping companies across the supply chain capture value from an otherwise wasted asset.
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Q2 Update - Deerpath Activity in Review
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July 20, 2017
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May, 2017 — Deerpath Capital Management, LP announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility for a refinancing and dividend recap for a portfolio company of a Northeast-based sponsor.
The Company is a collection of e-commerce businesses specializing in envelopes, folders and complimentary products for businesses, organizations and consumers. The brands have category killer domain names that drive brand recognition and credibility within their categories.
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June, 2017 — Deerpath Capital Management, LP announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support two acquisitions for a portfolio company managed by a Northeast-based sponsor.
The Company is an emerging leader in payment processing software for groups and organizations of all kinds. The Company aims to acquire software companies in adjacent verticals, creating a family of companies that provide similar technology and services to broader organizations such as sports leagues, summer camps and university organizations.
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June, 2017 — Deerpath Capital Management, LP announced it acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the merger of a portfolio company of a Midwest-based sponsor.
The combined company provides outsourced billing and collection services and software to hospitals and physician groups across the U.S.
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Q1 Update - Deerpath Activity in Review
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May 2, 2017
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January, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent on the funding of a senior credit facility to Dynamic Dental Partners, a portfolio company managed by Huron Capital Partners, to support its acquisition of Dental Partners, LLC.
Dynamic Dental Partners is a dental service organization providing administrative and operational support to 52 dental practices (combined) across Florida, Tennessee, Arizona, Virginia, Kentucky, and Georgia. The dental practices supported by the Company provide a broad range of reoccurring general dentistry services overlaid with specialty services including prosthodontics, endodontics and orthodontics.
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January, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent on the funding of a senior credit facility to support the refinancing and growth plan for The Shade Store, a portfolio company of Great Hill Partners.
The Shade Store is a leading direct-to-consumer provider of custom window treatments, offering shades, blinds, drapery, and other window treatment products and services online and through its 47 branded showrooms. Since its founding, The Shade Store has developed a national brand synonymous with quality, value and service.
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February, 2017 — Deerpath Capital Management, LP acted as sole lead arranger and administrative agent on the funding of a senior credit facility and equity co-investment to Competitive Edge Software, LLC, a portfolio company managed by The Riverside Company, to support its acquisition of Information Technologies, LLC.
The Company is a leading provider of incident reporting and tracking software to education, healthcare, corporate, and law enforcement organizations nationwide. The Company acquired a provider of incident reporting software focused on the law enforcement market.
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March, 2017 — Deerpath Capital Management, LP acted as lead arranger and administrative agent on the funding of a senior credit facility to support the growth acquisition plan for Southern Dental Alliance ("SDA"), a portfolio company of Source Capital, LLC. Deerpath has helped finance five of SDA's most recent add-on acquisitions since August 2016.
Southern Dental Alliance is a multi-specialty dental service organization in the Southeast catering to pediatric and adult patients. Headquartered in Atlanta, Georgia, the Company operates 32 clinics across seven primary brands in Georgia, South Carolina and Tennessee.
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OFFICE LOCATIONS
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New York
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405 Lexington Avenue
53rd Floor
New York, NY 10174
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Boston
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361 Newbury Street
4th Floor
Boston, MA 02115
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Chicago
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200 S. Wacker Drive
Suite 3100
Chicago, IL 60606
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Fort Lauderdale
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1800 S.E. 10th Avenue
Suite 220
Fort Lauderdale, FL 33316
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Los Angeles
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2500 Broadway
Suite F-125
Santa Monica, CA 90404
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