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American Capital Invests $125 Million in Velocity Financial
American Capital Strategies announced that it has invested $125 million in Velocity Financial Group, a recently formed specialty finance company that will provide equipment financing and working capital to middle market and venture-backed companies. "Velocity Financial Group is positioned to become a key provider of equipment leasing to middle market companies and of venture finance for small, venture-backed companies," said Bob Grunewald, American Capital managing director, Financial Services Group.
5/21/2007
The Leasing Monitor
American Capital Invests in New Company
An Associated Press story notes that American Capital Strategies Ltd. has invested $125 million in Velocity Financial Group Inc., a newly formed equipment-leasing financing firm for medium-sized companies.
5/21/2007
Forbes
Internet 'bubble' survivors hopeful - Venture capitalists, after losing millions on the classes of 1999 and 2000, try to cash out
A Dow Jones News Service story by Russell Garland, picked up by several publications including the San Jose Mercury News, discusses how venture investors are seeing signs of positive growth. The story describes how a number of companies that were financed in the tech "bubble" years of 1999 and 2000 are going public. The "bubble" companies, as well as some initially financed after 2000, are creating a wave of excitement among venture investors and investment bankers, who see a steady flow of IPO candidates this year and next into a receptive market. Velocity Financial executive Jan Haas offers his take on the current environment: "I think greed is returning and fear is subsiding," he said.
5/10/2007
Dow Jones News Service
Velocity Financial Group Launches with $400 Million of Capital to Serve Middle-Market and Venture-Backed Companies
Equipment Leasing & Finance Association's Web site features a news story on the launch of Velocity Financial. The story describes how Velocity will finance core technology assets for companies through leases and loans and supply venture-backed companies with expansion capital that is complementary to traditional bank and equity financing.
5/3/07
Equipment Leasing & Finance Association (ELFA)
Comdisco Alumni Regroup for Velocity
The Chicago Daily Herald included a news item describing the launch of Chicago-based Velocity Financial, noting that the firm had already secured $400 million in financing led by Bethesda, Md.-based American Capital Strategies. The story mentions that the company was formed by former Comdisco executives Frank Cirone and Jan Haas.
5/2/2007
Chicago Daily Herald
Former Comdisco Execs Launch New Venture
Russell Garland, a reporter with VentureWire, speaks with Velocity Financial President Jan Haas about the launch of the company and its backing by American Capital Strategies. Garland notes that venture lending has grown in the last two years with several new companies being formed. Haas says Velocity will offer leasing and venture debt to every stage of the venture market from start-ups to pre-IPO companies. "We're stage agnostic and pretty much sector agnostic," Haas says. "There's an appropriate structure for just about every company and every stage of growth."
5/2/2007
VentureWire
Ex-Comdisco Execs Start Tech Financing Firm Here
Velocity Financial chief executive Frank Cirone speaks with Chicago Sun-Times reporter Howard Wolinksy about the launch of the company. Cirone said Velocity's main focus is on middle-market companies with revenues of about $20 million to $1 billion that need to upgrade equipment, such as severs, desktop computers, phone switches and point of service sales devices. Story also features a quote from Bob Grunewald, head of financial services at American Capital, Velocity's main financial backer.
5/2/2007
Chicago Sun-Times
Ex-Comdisco Execs Launch New Specialty Finance Company
The Web site for the Monitor, the most widely read publication in the equipment leasing and finance industry, includes a news story on the launch of Velocity Financial. The story describes how the company will be led by veterans of technology finance, Frank Cirone and Jan Haas, and includes quotes from both executives explaining the company's vision for long term sustainability and success.
5/1/07
The Leasing Monitor
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