Wellington Financial LP, a provider of growth capital to Canadian and U.S.-based companies, announced the addition of Eric Speer to its team of professionals.
Mr. Speer has more than 20 years of experience in the growth capital market as a venture debt lender at Vencore Capital, Coast Business Credit and Bank of America.
Based in California, he will oversee Wellington Financial’s transaction sourcing and business development activities in the Western region of the United States.
Wellington Financial provides operating lines of credit, term, venture and amortizing loans up to US$40m and is currently deploying a US$400m investment program via its third fund.
The firm is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG: TSX), who jointly have contributed a large financial stake to Fund III.
Commenting on the addition, Mark McQueen, President and Chief Executive Officer of Wellington Financial, said: “We look forward to benefiting from Eric’s extensive venture lending experience, which when combined with our venture debt term loans and one-stop-shop debt products, will give him the perfect toolbox.
“We are well positioned to serve many of the attractive companies that may have seen their growth opportunities hampered by the recent contraction in the private debt and equity markets”.
Mr Speer added: “Wellington Financial has an excellent reputation with venture capital firms and knowledge-based industry companies.
“Our market needs new sources of capital, and I believe Wellington’s decade-long commitment to the growth sector is a perfect fit for high growth companies on the West coast”.