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Franklin BSP Lending and Franklin BSP Capital Acquire Encina Equipment Finance.

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MANews-(C)2009-2022

US-based business development companies Franklin BSP Lending Corp. (FBLC) and Franklin BSP Capital Corp. (FBCC) have acquired substantially all of the equity interests of non-bank equipment finance platform Encina Equipment Finance, LLC, the company said.

Terms of the transaction were not disclosed.

The acquisition provides EEF with a capital base to support the continued expansion of its platform as a leading equipment finance solutions provider in the US and Canada.

Encina Equipment provides leases and loans secured by revenue-producing, essential-use equipment ranging in size from approximately USD 5m to USD 50m to middle-market, non-investment grade companies across a range of industries.

Since its inception in 2017, EEF has underwritten more than 125 transactions totaling over USD 1bn in cumulative funded volume.

Encina Equipment will continue to be led by Rick Matte, its president and CEO, and remain headquartered in Westport, CT.

As part of the transaction, members of the management team will retain a minority ownership interest in EEF. Encina Equipment will operate independently as a portfolio company of FBLC and FBCC.

BofA Securities served as exclusive financial advisor to FBLC and FBCC. Wells Fargo Securities, LLC served as exclusive financial advisor to EEF. Skadden, Arps, Slate, Meagher and Flom LLP and Reed Smith LLP served as legal advisors to EEF. Hogan Lovells US...

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