STAMFORD, Conn., July 24,
2024 /PRNewswire/ -- Bastion Management ("Bastion"),
a private investment firm focused on asset-based lending in the
specialty finance sector, announced today that it agented a
senior debt investment of $20 million
with accordions up to $60 million in
Vernance LLC ("Vernance" or the "Company") to fund future growth of
their consumer lease-to-own ("LTO") portfolio.
Vernance provides financing solutions for a wide range of
consumer discretionary products. They work closely with their
extensive network of approximately 4,000 third-party retailers,
enabling customers to access financing options through both
in-store and online transactions.
"Teaming up with Bastion marks a pivotal moment in our journey
to expand Vernance's LTO solutions and reach a wider consumer
base," said Daniel Collins, CFO of
Vernance. "Our goal is to equip consumers with financial tools that
simplify budget management. We're enthusiastic about the
opportunity to elevate Vernance to a prominent position in the LTO
sector, and we believe Bastion is the perfect partner to support
our growth."
Tim Joyce, Co-President of
Bastion, added, "We are excited to partner with Vernance, a company
with an exceptional track record and commitment to customer
satisfaction. This credit facility represents a significant step in
the Company's growth and will help support the management team's
mission of offering flexible and accessible leasing solutions to
consumers.
About Bastion Management
Bastion is a private investment firm that provides creative
financing solutions to small and midsized businesses operating in
the alternative finance space throughout North America and in the UK. Over a decade
since its inception, Bastion has closed over 50 transactions and
over $1.3bn in total commitments to
traditional consumer lending platforms and emerging companies in
the financial technology industry. Bastion has a successful track
record partnering with companies that have strong management teams
and committed equity backing in support of the initial growth stage
through to public listing. For more information visit
bastionmgmt.com.
About Vernance
Headquartered in Henderson,
Nevada, Vernance is a leading provider of lease-to-own (LTO)
solutions for retailers of consumer goods and equipment. Vernance
empowers both retailers and consumers by offering a convenient and
accessible alternative to traditional purchasing methods. Through a
network of over 4,000 retail partners, Vernance is transforming the
in-store and online shopping experience, fostering deeper customer
connections and driving merchant growth. For more information
visit vernancefunding.com
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SOURCE Bastion Management