BOSTON, February 23, 2011 -- NewStar Financial, Inc. (Nasdaq:NEWS), a specialized commercial finance company, announced today that it provided financing in support of the recapitalization of Airxcel, Inc, a portfolio company of Bruckmann, Rosser, Sherrill & Co.( "BRS"). Airxcel is a leading manufacturer of air conditioners, heat pumps, furnaces, water heaters and cooking appliances for the recreational vehicle industry.
Nick Sheppard, Managing Director at BRS said, "I was impressed with NewStar's speed and flexibility. The team did a great job driving this transaction to conclusion in a short time frame. We appreciate the experience and consistency of the NewStar team and view them as a valued financing partner."
"Airxcel management led the company through the market cycle with strong performance and we are pleased to be able to provide this financing. We look forward to more opportunities to work with BRS and continuing our relationship with the Airxcel management team." said Pat McAuliffe, Managing Director at NewStar.
NewStar's deal team for the transaction included Pat McAuliffe, Peter Benham and Andres Alev.
About NewStar Financial, Inc.:
NewStar Financial (Nasdaq:NEWS) is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing a range of senior secured debt financing options to mid-sized companies to fund working capital, growth strategies, acquisitions and recapitalizations, as well as, equipment purchases. NewStar originates loans and leases directly through teams of experienced, senior bankers and marketing officers organized around key industry and market segments. The Company targets hold positions of up to $30 million and will selectively underwrite or arrange larger transactions for syndication to other lenders. NewStar offers asset-based loans through its wholly-owned subsidiary, CORE Business Credit. NewStar is headquartered in Boston MA and has regional offices in Darien CT, Chicago IL, Dallas TX, Los Angeles CA, Atlanta GA, and Houston TX. For more detailed information about our product capabilities, as well as, recent transaction and contact information, please visit our website at www.newstarfin.com.