Flock Advisors, a mergers-and-acquisitions advisory firm, announces a successful senior debt raise for Velocity Portfolio Group LLC, a debt buyer focused on a "legal first" strategy.
Flock Advisors specializes in the collections, debt purchasing and business process outsourcing industries. The firm led the effort to refinance the existing inventory of portfolios and create a new line of credit for the future purchase of charged-off credit card portfolios. A new private debt fund targeting $50 million to $100 million of debt financing, provided the capital for the transaction.
Jack Kleinert, founder and chief executive at Velocity, said: “We are delighted to have access to this capital at a time when the debt purchasing markets are on the rebound (see story). Michael Flock [managing director] and Don Hilbert [director] did an outstanding job of raising the capital and structuring the transaction. Their network of capital sources, their experience and financial expertise in the debt-purchasing industry and their ability to communicate the strengths of Velocity were instrumental in completing the transaction. This was quite a feat in a very tight credit market.”
Flock Advisors’ Falcon Fund (see story) also provided financing for Velocity’s debt purchases during the process.