Reuters News: Firms Launch Tygris Mid-Market Lender

Tygris Commercial Finance Group Inc., which plans to provide financing to mid-sized North American companies, announced its formation on Tuesday with more than $1.75 billion in equity commitments.

The company said it is being created in response to credit market problems that have made it difficult for mid-sized companies to obtain capital for liquidity and growth.

Tygris received backing by LBO firms Aquiline Capital Partners, New Mountain Capital and TPG Capital. Key investors also include private equity firm Diamond Castle Holdings and funds-of-funds manger Hamilton Lane.

Frederick Wolfert, former vice chairman of commercial finance at CIT Group Inc and president of Heller Financial Inc, will serve as Tygris’s CEO.

Along with announcing the formation of the firm, Tygris said it would acquire US Express Leasing Inc., an equipment finance company, from DLJ Merchant Banking Partners in an all-stock transaction and acquire substantially all of the assets and business of MarCap LLC, a mid-market healthcare equipment finance company.

(Reporting by Reuters news service.)