The Small Business News You Need to Know
A cumulative round-up of important information in one email.
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Speakers:
Debt Finance Group Co-Chair
Small Business Investment Companies (SBICs) Group Chair
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EQUITY & DEBT
Co-Investing in Lower Middle Market Financing Transactions
Tuesday, September 14, 2021
12:00pm ET
Join us for a discussion of key considerations for equity and debt co-investments in lower middle market financing transactions. We will cover protective strategies for investors making simultaneous debt and equity investments alongside co-investors, including deal terms to consider in debt and equity investment documents and intercreditor agreements.
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Updates to SBIC Funding Procedures, Interim Interest Reference Rate. The Small Business Administration (SBA) has notified the SBIC community of changes to the procedures for applying for SBA-guaranteed leverage and a change to the reference rate used to calculate the interest rate for interim Debentures. Download updated Debenture forms using the links below. Read the SBA memo >
[Report] Hamilton Place Strategies GDP Fact Sheet: Q2 2021. Real gross domestic product (GDP) increased at an annual rate of 6.6 percent in the second quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. This fact sheet provides the latest numbers. Read fact sheet >
[Report] GF Data Q2 Review. Private deal activity in the second quarter continued to return to congenial pre-pandemic conditions with a handful of notable permutations, according to GF Data’s released report. Read more >
2021 National Small Business Week Virtual Summit. The annual National Small Business Week is hosted especially for small business owners and entrepreneurs in the U.S. This year's event will take place from Monday, September 13 - Wednesday, September 15. This virtual event will include 20 sessions of information and content plus a special highlight on small business resiliency in 2021 and beyond. Co-sponsored by SCORE and the SBA, registration for this annual virtual summit is free! Register today >
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In Case You Missed It (#ICYMI)
House clears path for $3.5 trillion budget and $1 trillion infrastructure plan. In a 220-212 party-line vote, the House passed a $3.5 trillion budget resolution and advanced a $1 trillion bipartisan infrastructure bill. The vote allows Democrats to write and approve a massive spending package without Republicans and puts the Senate-passed infrastructure plan on a path to final passage in the House. The measure includes a nonbinding commitment to vote on the $1 trillion bipartisan infrastructure bill by September 27. Next, House committees must finalize details for their sections of the budget by September 15 so that the Budget Committee can assemble a final reconciliation package. Learn more here: Budget Reconciliation: The Basics.
SBA Chair Gensler Announces Addition to Senior Staff. Today, the Securities and Exchange Commission announced the appointment of Barbara Roper as Senior Advisor to Chair Gary Gensler. Ms. Roper's focus will be on issues relating to retail investor protection, including matters relating to policy, broker-dealer oversight, investment adviser oversight, and examinations. She is currently the Director of Investor Protection for the Consumer Federation of America (CFA). Read press release >
[Report] Digital Transformation in the Middle Market. The National Center for the Middle Market, in alliance with VistaVu Solutions, has released the first 2021 Middle Market Executive Survey eBook. The report offers insight into how growth leaders use digital transformation to realize year-over-year revenue growth of 5% or more. Download the report >
Republicans send letter to Biden, Pelosi re: cap gains proposals. Republican members of the House Small Business Committee, led by Ranking Member Blaine Luetkemeyer (R-MO), sent a letter to President Biden and House Speaker Nancy Pelosi opposing efforts to increase the capital gains tax rate and highlighting the negative impacts the tax hike proposals would have on small businesses. Read the letter >
BDC Council: Last Congressional Fundraiser. We rely on the support of elected officials to advocate for policies that facilitate capital formation and small business investing, and we encourage you to give them your support to ensure they return to Congress. While the maximum individual contribution per election cycle is $5,600 per Member of Congress, we ask that you contribute at least $1,000. Please RSVP to tonnie@sbia.org to attend and contribute.
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August 31 at 2:30pm ET: Rep. Bill Huizenga (R-MI), Ranking Member, House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets
National Summit is Waitlist Only. We encourage all members who want to attend this year’s National Summit to join the waitlist. We will pull from this list if the venue expands capacity. Join the waitlist >
Presidential Appointee Tracker. Follow the progress of more than 750 political appointments from nomination to confirmation. View the tracker >
New sections added to Week in Review. "People on the Move" and "Members Making Deals" will now be in the Week in Review! Have a promotion or deal you'd like to crow about? Please send your firm's announcement to deals@sbia.org.
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2021 BDC Roundtable
A Virtual Conference
September 9-10, 2021
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Eversheds Sutherland and SBIA are excited to host the 19th Annual BDC Roundtable. Explore the current environment for BDCs and other alternative fund models. *Recommended for BDC CEOs, COOs, CFOs, GCs, CCOs, independent directors and senior investment professionals
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2021 Northeast Networking Reception
Legal Harborside | Boston, MA
September 23, 2021
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On Thursday, September 23, at 5:00pm ET join Jamie Donelan of Seacoast Capital and connect with industry colleagues. *Exclusively for General Partners, Limited Partners and Investment Bankers.
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The Breakers | Palm Beach, FL
October 10-12, 2021
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Designed for lower middle market professionals who are passionate about private equity, the 2021 National Summit is meant to inspire, educate, and celebrate the industry. The event is known for its well-timed educational sessions, as well as for CapitaLinx, SBIA’s premier GP/LP matchmaking opportunity for institutional investors and lower middle market funds.
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2021 Southern Networking Dinner
Etch | Nashville, TN
October 28, 2021
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On Thursday, October 28, at 6:30pm CT join Caroline Ducas of Resolute Capital Partners and connect with industry colleagues. *Exclusively for General Partners, Limited Partners and Investment Bankers
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NEW MEMBER SPOTLIGHT
Join us in welcoming Peakstone!
Peakstone is an investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market clients. Their ability to support clients’ objectives with capital is the foundation of their business and strategy. The team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars.
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If you would like your next deal to be mentioned in "Members Making Deals",
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Plexus Capital closed an investment in Health Perspectives Group. Headquartered in Seattle, WA, Health Perspectives Group is a healthcare technology and services company that provides patient engagement and trial awareness services to customers in the pharmaceutical industry in a compliant and patient-centric manner.
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Farragut Capital Partners, Inc. announced the acquisition of Accurate Fabrication, LLC in partnership with ZJM Equity LLC, Broadgate Capital LLC, and the Company’s incoming President, Eric Welak. Farragut provided a combination of senior subordinated debt and preferred equity in support of the transaction.
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Lewis & Clark AgriFood announced the close of a $10 million growth funding round for mealworm ingredient producer Beta Hatch. Led by Lewis & Clark AgriFood, with support from existing investors Cavallo Ventures and Innova Memphis, Beta Hatch will use funding to finalize and expand its flagship facility in Cashmere, WA.
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Century Park Capital Partners announced that it has completed the sale of Covercraft Industries to Audax Private Equity. Covercraft is a leading branded manufacturer of custom vehicle protection products including automotive covers, seat covers, front end masks, dashboard covers, window sunscreens, RV covers, boat covers, and more.
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Spell Capital Mezzanine announced a subordinated debt and equity co-investment to support the acquisition of Masters Building Products. Masters, headquartered in Sunrise, FL, provides a broad array of flooring, trim moldings, and flooring accessories throughout Florida and the surrounding states.
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Looking to hire? Announcing a promotion?
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BMO is seeking an experienced private markets investment professional to join the Community Investments team.
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SBIAPAC: Give Private Equity a Policy Voice, Invest in Your Future
One of our most essential government relations tools, SBIAPAC works to help elect Members of Congress who are advocates of small business investment and lower middle market growth. Find an updated contribution form here for your convenience.
If you have any questions regarding SBIAPAC, please contact Tonnie Wybensinger, Executive Director of SBIA Government Relations, at tonnie@sbia.org or (202) 628-5055.
PLEASE NOTE: SBIA is a federal PAC that gives to only current federal office holders. All SBIA members are eligible to give up to $5000 in personal individual contributions including those that manage or are employed by SEC registered entities. Pay to play rules only apply to contributions to state office holders.
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Office Location
529 14th Street, NW
Suite 400
Washington, DC 20045
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Contact Us
Phone: (202) 628-5055
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