Wilton, CT, March 31, 2016 – For Immediate Release
VenSource Capital LLC (“VenSource”), a specialty finance company providing equipment financing to venture capital sponsored startups today announced that it closed on a new $15 million equity round. The equity investment was made by CV Holdings, Inc., a publicly traded specialty finance company. VenSource will continue to specialize in providing equipment financing primarily to US-based venture capital-backed startups. VenSource and CVH have created a new joint venture, VenSource Management, LLC, based in Wilton, CT that will originate and manage all aspects of the lese and loan portfolio. The companies have also created a new holding company for the portfolio, VenSource Holdings, LLC, also based in Wilton.
VenSource Co-Founder and Co-Chief Executive Officer, George A. Parker, stated “We are very excited about this opportunity and we plan to position VenSource as a leader in providing flexible, efficient equipment financing to venture sponsored startup companies.” VenSource Co-Founder and Co-Chief Executive Officer, Arnold J. Hoegler, added “We are enthusiastic about building another major industry finance organization to serve our rapidly growing customers. The CVH investment allows us to serve this important market by growing our financing capabilities, and enables us to hire key people in our marketing, credit and portfolio administration functions.
CV Holdings Co-CEOs, Ken Witkin and Rick Koenigsberger, stated “We are very pleased with our new joint venture with VenSource Capital. We were very impressed by George’s and Arnie’s successful track record and outstanding reputation in the business. This investment into the venture leasing space fits within CV Holdings’ strategic plan to expand into several specialty finance businesses.”
About VenSource Capital VenSource Capital was founded to 2015 by two industry leaders, George A. Parker and Arnold J. Hoegler, with over 60 years combined experience in equipment leasing and lending, who have originated and serviced over $500 million in leases and loans during their careers. Both were principals and co-founders of Leasing Technologies International, Inc. and spent many years growing that firm into a well-respected and recognized firm that was very active in all of the major industry associations. VenSource specializes in providing equipment financing ranging from $750,000 to $5 million to venture capital backed startups developing or providing information services, software, or technology products, including products and services in energy, biotechnology, healthcare/medical, security, Internet, and other markets. VenSource also provides financing to select non-venture backed middle market companies.
About CV Holdings Headquartered in Newport Beach, CA with offices in Connecticut and Boston, CV Holdings, LLC has been an industry leader in the distressed residential loan/REO properties market since 2008. CV Holdings developed its corporate philosophy with the highest integrity, a formidable infrastructure, and the procedural ingenuity to maximize value for borrowers and investors alike. CVH has extensive capabilities in all facets of the loan cycle, property management, and real estate services, combining its national experience with local market presence and expertise. CVH is currently looking to expand its investment focus in other specialty finance areas.
For further information, contact: Arnold J. Hoegler, Co-CEO George A. Parker, Co-CEO VenSource Capital LLC VenSource Capital LLC 24 Danbury Road, Suite 2 24 Danbury Road, Suite 2 Wilton, CT 06897 Wilton, CT 06897 Tel: 203-563-1100 Tel: 203-563-1100
Email: ahoegler@vensourcecapital.com Email: gparker@vensourcecapital.com