NEW YORK, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $45 million credit facility to existing client New State Capital Partners, a private equity firm specializing in middle-market investments. Proceeds from the facility will be used to secure new investment opportunities and bridge timing between capital calls.
Located in Larchmont, New York, New State Capital Partners invests in companies across a variety of sectors including business services, industrials and healthcare services. New State’s typical investment ranges between $10 million to $50 million of equity in companies with $8 million to $30 million of EBITDA.
“We strive to be a different kind of private equity firm with a more flexible mandate and more nimble approach to investing, focused on being good partners,” said David Blechman, founder and principal of New State. “We are proud of the strong group of portfolio companies we have invested in to date and are thankful to our financial services partner Square 1 for helping us achieve our goals.”
“The team at New State Capital Partners has seen great traction with their focused investment strategy,” added Mike Breaux, vice president in Square 1’s Equity Funds Group. “Square 1 is pleased to support New State and looks forward to expanding the relationship into their second fund.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
About New State Capital Partners
New State Capital Partners, LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State invests in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials, and has approximately $700 million in assets under management. New State and its affiliates have invested in 17 companies since January 2014. For more information visit www.newstatecp.com.
Media Contact:
Square 1 Bank, a division of Pacific Western Bank
Laura Piggott
919.597.7466
lpiggott@square1bank.com