Regions Bank’s Acquisition of Ascentium Capital

Morgan Stanley & Co. LLC served as Regions Bank’s financial adviser, and Sullivan & Cromwell LLP served as its legal counsel. Piper Sandler & Co. served as financial adviser to Ascentium Capital, and Cleary Gottlieb Steen & Hamilton LLP and Vinson & Elkins LLP served as legal counsel to Ascentium Capital and the sellers.

Birmingham, Ala.-based Regions Bank has agreed to acquire equipment finance lender Ascentium Capital LLC from global private equity firm Warburg Pincus LLC.

Ascentium Capital had about $2 billion in loans and leases as of year-end 2019 and originations of $1.5 billion in 2019, according to Regions Bank.

The transaction is expected to close during the second quarter of 2020. Financial terms of the deal were not disclosed.

Ascentium Capital LLC is a finance consulting company. The Company offers diversified finance solutions through their finance platform, to help companies acquire industrial equipment, franchise assets, office equipment, software, specialty vehicles, technology and other resources.

The V&E team was led by James Garrett (Picture) and Michael Marek with primary assistance from Kristy Fields, Shane Tucker, Sean Becker and Todd Way.

The Cleary Gottlieb M&A team advising Ascentium Capital LLC and Warburg Pincus included partner Glenn McGrory, counsel Neil Markel, associate Guillaume Le Masson, and international lawyer Stav Harel; the bank regulatory team included partner Katherine Mooney Carroll and associate Michael Sanders; the employee benefits team included counsel Caroline Hayday and law clerk Francesca Crooks; the tax team includes partner Bill McRae and associates Kylie Barza and Lorenz Haselberger; the IP team included partner Daniel Ilan and associate Michelle Butler; the antitrust team included partner Jeremy Calsyn and associate Ben Reese; and senior attorney Jim Corsiglia provided compliance advice.

Involved fees earner: Kylie Barza – Cleary Gottlieb Steen & Hamilton; Michelle Butler – Cleary Gottlieb Steen & Hamilton; Jeremy Calsyn – Cleary Gottlieb Steen & Hamilton; Katherine Mooney Carroll – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; Stav Harel – Cleary Gottlieb Steen & Hamilton; Lorenz Haselberger – Cleary Gottlieb Steen & Hamilton; Caroline Hayday – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Guillaume Le Masson – Cleary Gottlieb Steen & Hamilton; Neil Markel – Cleary Gottlieb Steen & Hamilton; Glenn McGrory – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton; Ben Reese – Cleary Gottlieb Steen & Hamilton; Michael Sanders – Cleary Gottlieb Steen & Hamilton; Sean Becker – Vinson & Elkins LLP; Kristy Fields – Vinson & Elkins LLP; James Garrett – Vinson & Elkins LLP; Michael Marek – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP; Todd Way – Vinson & Elkins LLP;

Law Firms: Cleary Gottlieb Steen & Hamilton; Vinson & Elkins LLP;

Clients: Ascentium Capital; Ascentium Capital – Management; Warburg Pincus;

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Author: Ambrogio Visconti