Mountain Ridge Capital and Alpine Ridge Funding Announce Closing of $110 Million Senior Credit Facility from Wells Fargo Capital Finance
Summary
FRISCO, Texas, April 23, 2024 /PRNewswire/ -- Mountain Ridge Capital ("MRC") and Alpine Ridge Funding ("ARF"), independent asset-based lending and factoring companies backed by Arena Investors, LP ("Arena Investors"), are excited to announce the closing of a $110 million senior credit facility from Wells Fargo Capital Finance. The facility will support MRCs and ARFs continued growth in serving the credit needs of middle market companies across North America. "Craig Winslow, Chief Executive Officer of MRC, noted, "We are excited to partner with Wells Fargo, and combined with our existing facility we have with Encina Lender Finance, the addition of this facility allows us over $200 million of lender finance commitments which provide substantial incremental funding capacity as MRC and ARF continue to expand and service our customers. With approximately $3.5 billion of invested and committed assets under management as of February 29, 2024, and a global team, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions.