Burdale Financial Limited (a member of Bank of Ireland Group), a pioneer of Comprehensive Asset Based Lending in the UK, announced today that it has established a presence in the United States. Its US business will be conducted through Bank of Ireland’s US Representative Office in Greenwich, CT under the name Burdale Capital Finance.
A new US-based team will offer senior secured asset based loans in the US$10-$60 million range with the capability to structure loans of up to $200 million. Financing will be provided for early and mid-stage turnarounds, restructurings, leveraged buyouts and general refinancings.
David Grende who recently joined Burdale from Huron Consulting Group, New York where he was Managing Director, Corporate Restructuring will manage the new team located at Greenwich, Connecticut. David spent 25 years in asset based lending as Managing Director at Bank of America Commercial Funding Division and prior to that as Executive Vice President at CIT Group/Credit Finance. He holds a BS (Economics) and is a Certified Insolvency and Restructuring Advisor.
Tom Hayes, Chief Executive, Bank of Ireland Corporate Banking said: “We are delighted to announce the launch of Burdale’s new business in the US. This move is consistent with our ambitious growth plans and will build on the success that we have already achieved in the UK. The asset based lending product is well understood in the US and, although it is a highly competitive market, I believe we will gain leverage from the Bank of Ireland’s existing presence and strong reputation in the US. This new initiative is also consistent with Bank of Ireland’s strategy to develop its portfolio of niche skill-based activities. David Grende’s extensive experience will bring real value in developing our US business”.
Burdale recently provided a financing deal for MFI in the UK and has participated in a number of high profile ABL deals in the US.
