With Demand for Venture Debt Approaching All-Time Highs, Financing Pioneer & Leader Hercules Technology Growth Capital Expand...
September 25 2013 - 7:30AM
Business Wire
- Adds five new managing directors and
one principal
- Opens New York office
- Expands Virginia and Palo Alto
origination teams
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy and renewables technology industries, at
all stages of development, today announced that in response to the
unprecedented demand for venture debt, the company has expanded its
operations.
âThis is a very exciting time for our company,â said Manuel
A. Henriquez, co-founder, chairman and chief executive officer of
Hercules. âOver the years, venture debt has become an accepted
and, at times, critical part of a companyâs financing mix as
entrepreneurs understand its benefits and role alongside that of
existing venture capital. Hercules is one of the oldest, most
experienced and trusted providers of venture debt, having completed
more than $3.9 billion in commitments to over 250 companies since
Herculesâ founding less than a decade ago. We are experiencing
very strong demand for venture debt and, as a result, we believe we
have a significant opportunity to continue to thoughtfully and
strategically expand our operations while continuing to manage our
âslow and steadyâ growth strategy of deploying capital.â
Recently, Hercules opened an office in New York City and
expanded its originations team in McLean, Virginia and Palo Alto,
California.
A total of five new managing directors and one principal have
joined the firm:
- Anup Arora, Managing Director,
Life Science Group, New York, NY â Arora has over 14 years of
consulting, operations and investing experience in healthcare
companies. He was previously with Easton Capital where he was
involved in numerous venture capital investments in young life
sciences companies. Prior to that, Arora was in global marketing at
Pfizer and before that was a strategy consultant with Strategic
Decisions Group. He also spent two years engaged in biomedical
research at Stanford Medical School;
- Forbes Burtt, Managing Director,
Special Opportunity Lower Middle Market Group, New York, NY â
Burtt has over 25 years of transaction experience both as a
principal and as an investment banker. Most recently, Burtt was a
managing director at Bryant Park Capital. Previously, he was a
partner and head of business development at Laurus Capital
Management, a hedge fund focused on providing lower middle-market
companies with creative debt capital solutions. He began his career
at Drexel Burnham Lambert;
- Paul Edwards, Managing Director,
Life Science Group, Palo Alto, CA â Edwards has over 23 years of
diverse operational experience including fund raising, business
development, marketing and equity investing in both large public
and small private medical device companies. Previously, Edwards led
business development and financing at IntegenX. Before that, he was
a principal at Latteral Venture Partners. Edwards also held senior
positions at Boston Scientific, Medtronic, SurModics, the
University of Minnesota Office of Patents and Technology, and
SmithKline Beecham;
- Mark Modica, Managing Director,
Technology Group, McLean, VA â With over 25 years of experience,
Modica has raised capital using both debt and equity, worked with
over 50 venture capital firms and has taken several companies
public. Previously, Modica was the CFO at Pivot3 and prior to that
served as the CFO for several technology companies including
Digital Sandbox (acquired by Haystax), and Digital Bridge
Communications. He has also served as the CEO and co-founder of
CyberCFO, was a partner at Avansis Ventures, and he has served on
the boards of multiple technology companies;
- Daniel Holman, Managing
Director, Technology Group, Palo Alto, CA â With over 15 years of
experience in operations and structured finance, Holman joined
Hercules from Box.com, a leader in the emerging Cloud-based,
Enterprise Content Management market. Before that, he was a partner
at Western Technology Investment where he worked on more than 50
venture debt transactions. Earlier, Holman was at salesforce.com
and prior to that spent six years as an officer in the U.S. Navy
SEALs; and,
- John Doyle, Principal, Energy
Technology & Renewables Group, Palo Alto, CA â Doyle was most
recently with Silver Lake Kraftwerk, a growth-stage venture capital
firm focused on energy and resources. He was previously the Lead
Associate for Business and Financial Services at Hyde Park Angels
and Hyde Park Venture Partners, the University of
Chicago-affiliated angel group and venture capital arm. Before
that, he founded and led the business development effort at
Fountain Partners, a San Francisco-based venture leasing firm.
âEvery one of our new team members has significant depth of
experience in their respective sectors, and it is precisely this
knowledge that is most attractive to the companies we work with,â
said Henriquez. âThe entrepreneurs and VCs we speak with on a
daily basis know that they are working with people who not only
understand their industry, but who also understand the growth
process these companies are going through, both the highs and the
lows. They know that we will be there for them every step of the
way and are committed to seeing them reach each critical milestone
in their development.â
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. (NYSE: HTGC)
(âHerculesâ) is the leading specialty finance company focused
on providing senior secured loans to venture capital-backed
companies in technology-related markets, including technology,
biotechnology, life science and energy and renewables technology
industries, at all stages of development. Since inception (December
2003), Hercules has committed more than $3.9 billion to over 250
companies and is the lender of choice for entrepreneurs and venture
capital firms seeking growth capital financing.
Herculesâ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol âHTGC.â
In addition, Hercules has two outstanding bond issuances of
7.00% Senior Notes due 2019âthe April 2019 Notes and September
2019 Notesâwhich trade on the NYSE under the symbols "HTGZ" and
"HTGY," respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Forward-Looking Statements:
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under
applicable securities laws. Forward-looking statements can be
identified by terminology such as âanticipate,â âbelieve,â
âcould,â âestimate,â âexpect,â âintend,â âis
planned,â âmay,â âshould,â âwill,â âwill enable,â
âwould be expected,â âlook forward,â âmay provide,â
âwouldâ or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including,
without limitation, those risks, uncertainties and factors referred
to in the âRisk Factorsâ section of the Hercules Annual Report
on Form 10-K for the year ended December 31, 2012, as well as the
other documents and reports filed by Hercules with the Securities
Exchange Commission. As a result of such risks, uncertainties and
factors, actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Hercules is providing
the information in this press release as of this date and assumes
no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.Muirfield PartnersMickey
Mandelbaum, 310-785-0810mickey@muirfieldpartners.comMaya Pogoda,
310-785-0810maya@muirfieldpartners.comorMarket Street PartnersLinda
Wells, 415-445-3236lwells@marketstreetpartners.com
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