M&A Deal Summary

Barings Acquires Eclipse Business Capital

On August 5, 2021, Barings acquired financial services company Eclipse Business Capital from Cequel III

Acquisition Highlights
  • This is Barings’ 1st transaction in the Financial Services sector.
  • This is Barings’ 1st transaction in the United States.
  • This is Barings’ 1st transaction in Illinois.

M&A Deal Summary

Date 2021-08-05
Target Eclipse Business Capital
Sector Financial Services
Buyer(s) Barings
Sellers(s) Cequel III
Deal Type Recapitalization
Advisor(s) Wells Fargo Securities (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Eclipse Business Capital

Chicago, Illinois, United States
Eclipse Business Capital is an asset-based lending platform that provides financing to middle-market borrowers. Encina provides revolving lines of credit and term loans ranging in size from $10–$100 million which are secured by accounts receivable, inventory, machinery & equipment, and real estate. Eclipse Business Capital was founded in 2016 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

Barings

Charlotte, North Carolina, United States

Category Company
Founded 1989
Sector Financial Services
Revenue 123M USD (2024)
DESCRIPTION

Barings is a business development company that primarily makes debt investments in middle-market companies. Barings was founded in 1989 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 1 of 2
Sector: Financial Services M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: Illinois M&A 1 of 1
Country: United States M&A 1 of 2
Year: 2021 M&A 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-21 Sierra Income

New York, New York, United States

Sierra Income is a non-traded business development company that invests primarily in first lien senior secured debt, second lien secured debt, and, to a lesser extent, subordinated debt of middle-market companies in a broad range of industries with annual revenue between $50 million and $1 billion. Sierra Income is based in New York City.

Buy $624M

Seller(S) 1

SELLER

Cequel III

St. Louis, Missouri, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Cequel III LLC is a specialist investment and management firm focused on the development of cable and telecommunications companies. Cequel was formed in 2002 and is based in St. Louis, Missouri.


DEAL STATS #
Overall 8 of 8
Sector: Financial Services M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: Illinois M&A 1 of 1
Country: United States M&A 8 of 8
Year: 2021 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-05 StayLock Storage

St. Louis, Missouri, United States

StayLock Storage is a provider of self-storage, under the StayLock banner. The facilities feature 916 non-climate controlled storage units and 37 spaces for boat and vehicle parking with five locations in Northwest Indiana. Locations include Demotte, Hebron, Kouts, Wheatfield, and Winfield (Lake of the Four Seasons), Indiana. StayLock Storage was founded in 2016 and is based in St. Louis, Missouri.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-05 Springfield Urgent Care

Clarkston, Michigan, United States

Springfield Urgent Care is an operator of state-of-the-art walk-in clinics that provide quality care for non-life-threatening illnesses and injuries. Springfield Urgent Care was founded in 2017 and is based in Clarkston, Michigan.

Buy -