BriteCap Financial LLC announced its formation with a substantial capital investment from affiliates of North Mill Equipment Finance LLC (NMEF), an independent commercial equipment lender, and from BriteCap’s senior management team.
“The partnership and substantial capital investment from NMEF will allow us to dramatically scale up funding volumes leveraging the scalable operations experience of the management team with predecessor entities and to invest in the human and technology resources to manage the anticipated growth, including a newly launched broker channel initiative,” said Sri Kaza, CEO of BriteCap. “We also intend to aggressively pursue strategic platform and portfolio acquisition opportunities.”
“We are excited about the investment in BriteCap and its talented management team,” said David C. Lee, Chairman and CEO of NMEF. “Providing them the necessary capital to grow their small business working capital platform creates a compelling strategic opportunity for our stakeholders and partners.”
BriteCap will be majority owned by a holding company affiliate of NMEF and will operate independently from NMEF. BriteCap’s senior management team previously worked together at its predecessor entity.
Stephens Inc. served as exclusive financial advisor to BriteCap and Houlihan Lokey served as exclusive financial advisor to NMEF.
BriteCap is a non-bank lender providing small businesses with fast, convenient financing alternatives since 2003. BriteCap combines technology, non-traditional credit algorithms and both a direct and indirect sales model to offer attractive capital solutions in a timely manner.
NMEF originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $1,000,000 in value.