NEW YORK, NY--(Marketwired - July 12, 2016) - Bryant Park Capital ("BPC"), a leading middle market investment bank with a focus in the specialty finance industry announced today that Dividend Solar, Inc. ("Dividend Solar" or the "Company") signed a definitive merger agreement to merge with Figtree Financing ("Figtree"), with a commitment of up to $200 million from LL Funds to fuel the growth of the combined entity. In addition to acting as Dividend Solar's exclusive advisor in connection with its merger with Figtree, BPC advised Dividend Solar on four prior transactions over the past 6 months, raising preferred equity, senior notes, and SPV debt amounting to approximately $80 million for the Company, which led to the merger.
Dividend Solar is an innovative solar financing company, whose loans include solar performance guarantees and warranty management for an easy path to solar ownership. Figtree is a leading provider of Property Assessed Clean Energy (PACE) financing for energy efficiency improvements, including solar energy. The merger represents the first ever combination of a residential solar lender and PACE financing provider.
"We are excited to announce our partnership with LL Funds and with Figtree, which will allow our company to expand its financing program to include PACE and to accelerate our nationwide growth," says Eric White, Dividend Solar's President. "We can now offer a suite of products to our customers, creating a 'one-stop shop' where commercial and residential property owners can secure the upfront financing they need for renewable energy and efficiency upgrades."
"The Bryant Park team provided us with the necessary support and advice through the entire capital raising process. Their industry expertise, deep relationships with funding sources, proven ability to execute and dedication to client service were critical in leading us to a successful transaction," added Steve Michella, CEO & Co-Founder of Dividend Solar.
About Dividend Solar
Dividend Solar offers $0-down loan financing which enables homeowners to maximize the benefits of going solar while also enjoying hassle-free performance guarantees and warranty management. Founded in 2013, the Company has led the shift towards the direct ownership model in solar with a focus on providing low-cost loan financing for creditworthy borrowers. Dividend Solar's technology platform has streamlined the credit approval and installation process, thereby lowering the cost of installing solar panels and energy efficiency upgrades for its customers and installation partners. For more information about Dividend Solar, please visit www.dividendsolar.com.
About Figtree Financing
Figtree Financing provides innovative financing to accelerate the adoption of environmentally friendly products and services. The Company's unique Property Assessed Clean Energy (PACE) financing provides property owners with funds to install energy efficiency, renewable energy and water conservation upgrades that is repaid on their property tax bills. Nationally, PACE has surpassed $1 Billion in funding in just five years, and is expected to double in 2016. Learn more by visiting www.figtreefinancing.com.
About LL Funds
Founded in 2009, LL Funds, LLC is an independent investment manager focused on identifying opportunistic investments with substantial positive return asymmetry, focusing primarily on the mortgage market. Currently LL Funds manages $1.4 billion for endowments, foundations, individuals and family offices through multiple private-equity and fixed-income investment vehicles.
About Bryant Park Capital
Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle market public and private companies. BPC has deep expertise in the energy and financial services industries and has arranged lines of credit, raised growth equity and assisted in mergers and acquisitions for its clients. Our professionals have completed approximately 270 assignments representing an aggregate transaction value of over $57 billion. For more information about Bryant Park Capital, please visit www.bryantparkcapital.com.