Boston, MA, May 23, 2006 - NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company announces the opening of its Chicago office, expanding the company's operating presence to five cities in key markets. In May of this year, NewStar announced the opening of its San Francisco office; the company also has offices in Boston, Darien, Connecticut, and Charleston, South Carolina.
"Moving into the Chicago market makes perfect sense for NewStar, both from a strategic and operational perspective," said Tim Conway, CEO of NewStar. "With five offices across the country, a growing team of exceptional bankers, and two years of very strong performance, NewStar is well-positioned for continued success in the middle market."
The Chicago office will be led by Managing Director Ira Kreft, who joins NewStar after more than 20 years with Bank of America Business Capital, where he served as Executive Vice President and managed the Central Group, which is headquartered in Chicago and serves 13 states in the Midwest and Ontario and Quebec, Canada. He was responsible for managing new loan originations, customer relationships, workouts and underwriting for Bank of America Business Capital in the region. Mr. Kreft is a graduate of Central Michigan University and received his M.B.A. from Michigan State University. He will report to the co-heads of NewStar's middle market group in Boston, David Dobies and Tim Shoyer.
"Ira's banking experience, business relationships and knowledge of the Midwest will be a great asset to NewStar. We are excited to be in Chicago and look forward to competing more aggressively in this part of the country," said Conway.
NewStar's Chicago presence is expected to increase in the near term with the addition of more bankers. The company expects the Midwest and Chicago markets to provide a variety of opportunities and further the growth of its leveraged finance franchise.
Ira Kreft can be reached at (312) 305-6834 or email@example.com.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations