California-based commercial bank Opus Bank has launched a new private equity division and corporate finance arm to expand its merchant banking activities.
Opus’ Private Equity Group will focus on raising capital through the private placement of equity for Opus’ clients in the healthcare, technology, commercial real estate, consumer, and food and beverage sectors, as well as other businesses served by Opus’ commercial business banking division.
The new arm will be led by senior managing director Dale Cheney, who recently rejoined Opus after a 13-year investment banking and private equity career.
Opus chairman and CEO Stephen Gordon said, “Over the past several years, banks have backed away from providing capital funding to entrepreneurs, small and mid-sized businesses, and middle-market companies, including those individuals and entities acquiring companies, thereby creating a void where successful and resilient entrepreneurs and businesses are left with few options.
“These clients are not well served by the larger investment banking firms and most of the banking industry lacks this entrepreneurial expertise.
“Opus Bank sees this as an opportunity and, with the formation of the Corporate Finance Division and the Private Equity Group, is addressing this void by providing both debt and equity capital funding through a company’s life cycle to those entrepreneurs and business owners who have a vision to expand and grow their companies.”
Copyright © 2014 AltAssets