Capital, LLC; Wells Fargo Trade Capital
Services, Inc.; Wachovia Bank, N.A.;
Wachovia Capital Finance Corporation
(Central); Wachovia Capital Finance
Corporation (New England); and
Wachovia Capital Finance Corporation
(Western).
Cross-Border ABL Veterans
Launch Previsio Partners
The last decade saw an explosion
of middle-market, cross-border
business activity that required
financing not previously available to
this segment of the business world.
The global debt crisis has now caused
many deal participants to focus on
their core domestic activities, dampening their appetite for new cross-border ventures. But the increased
level of existing overseas operations,
resulting from prior investments and
potentially greater future growth
in foreign markets guarantee, that
cross-border finance will play a
greater role in the financial strategies
of middle-market companies.
Seeing an opportunity, Michael
Carsella and Stephen Lewis, two longtime veterans of cross-border, asset-based lending deals have launched
Previsio Parners, a new advisory firm
to help companies navigate the challenges of cross-border finance. Carsella and Lewis say that the current
state of the credit markets offers an
unprecedented opportunity for a new
type of advisory group dedicated to
streamlining how cross-border financings are handled. They believe that
a holistic approach to cross-border
financings is required, integrating and
coordinating multiple disciplines and
services including debt placement,
deal structuring, project management,
due diligence and foreign collateral
monitoring and reporting.
The firm’s principals maintain that
their 40 years of collective experi-
enced, focused exclusively on interna-
tional legal and financial transactions,
has taught them first hand how ineffi-
cient, and costly the historically used,
processes of completing multi-juris-
dictional, middle-market financings
can be. Their added insight and Six
Sigma training, gained from years of
working within major financial institu-
tions such as LaSalle Business Credit
and GE Capital, enable them to advise
on every aspect of the transaction, say
Carsella and Lewis. For more informa-
tion on Previsio Partners, which is
headquartered in Chicago, please go
to http://previsiopartners.com.
Berkshire Bank Opens ABL Shop
Berkshire Hills Bancorp (BHLB) has
recruited an experienced asset-based
lending group to serve middle-market
companies in New England and northeastern New York. This new lending
group is part of the Commercial Banking Team at Berkshire Bank.
The Bank has appointed Paul F.
Flynn, Jr. as senior vice president and
manager of Asset Based Lending. The
Bank has also appointed Mark Foster
as senior vice president and Jim Hick-son as vice president of Asset Based
Lending. Collectively these individuals
have 65 years’ experience in providing
asset-based and commercial lending
solutions to the region. This team has
been working together since 2002 under Mr. Flynn’s direction as the Asset
Based Lending Department Manager
at TD Bank, N.A, formerly known as
Banknorth. Mr. Flynn will report to
Michael J. Oleksak, executive vice
president of Commercial Banking at
Berkshire Bank.
Berkshire’s president and CEO,
Michael P. Daly, stated, “Our expansion
into asset-based lending positions us
to provide more financing solutions
to our commercial customers in these
challenging times, and to reach new
customers in the region. We have
steadily expanded our commercial
team in recent quarters by recruit-
ing strong and experienced regional
leaders in northeastern New York,
western Massachusetts, and southern
Vermont. Berkshire Bank is strongly
capitalized and well positioned to be
a regional provider for the loan and
deposit needs of our markets. While
other lenders have cut back on lend-
ing, our business loans are currently
growing at a double-digit annualized
rate and business deposits are grow-
ing at an even faster rate. Paul Flynn
and his associates have a long track
record of delivering disciplined solu-
tions to the market that will result in
sound and profitable relationships
for the Bank.”
Stanley Frieze,
a founding
partner of Carl
Marks Advisory
Group, passed
away in Novem-
ber. Stanley was
considered by many to be the dean
of the turnaround industry and well
known in the commercial finance
industry. Tributes from colleagues
recognized Stanley as a vibrant per-
sonality, astute businessman, wise
counselor, strong leader and endless
source of optimism and good humor.
He is survived by his wife Gloria, his
daughters Meredith and Suzanne
and his grandchildren Jonathan and
Madeleine. Donations can be made
in Stanley’s memory to The Naval
War College Foundation at www.
nwcf.org, the Jimmy Fund Clinic/Da-
na-Farber Cancer Institute at www.
jimmyfund.org or the Make-A-Wish
Foundation at www.wish.org.
Frieze
