Last year US Bancorp acquired Spectrum Commercial Services as part of a larger deal. Top executives at Spectrum assumed that was the end of their business and that they would be absorbed into an existing corporate division. However, Brian Van Neval and Steven Lowenthal of Spectrum realised almost immediately that Spectrum was an afterthought in the larger deal with Lyon Financial. They raised $6m in capital from investors and secured a $30m loan from Foothill Capital Corp to purchase $35m of Spectrum’s loans from US Bancorp. They have now established Spectrum as a separate company and are part-owners of it, with an ability over time to increase that ownership to 15% apiece.
Source: Citybusiness
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