Independents have more freedom thank their regulated counterparts, but that doesn’t mean they are immune to the fluctuations of the marketplace. In an exclusive Q&A with Monitor, leaders from Liberty Commercial Finance, GreatAmerica Financial Services, Financial Partners Group and Verdant Commercial Capital discuss how they’re navigating toward success in today’s environment.
Following incredible turbulence in 2020, 2021 proved to be a bounceback year for Monitor’s Top Private Independents, as the group logged a record for the annual ranking with 35.6% year-over-year growth in new business volume.
Three Greater Cincinnati equipment finance industry veterans decided to leave their established company less than five years ago and form their own startup. They’ve already built it into one of the industry’s top players.
Verdant Commercial Capital, based in Blue Ash, originated just under $400 million in financings last year. It’s forecasting that number will soar to $535 million this year, representing 34% growth. Back in 2017, when the company was launched, it originated just $7 million in financings. To be fair, it started in July that year. But the growth is exponential.
Verdant doesn’t plan to stop there, either.
Josh Patton, Chris Herman and Jon Wickersham Join Energy Team
Verdant Commercial Capital is expanding its focus in the energy market by adding three team members to its sales team and opening a new office in Detroit. Joining the Verdant Energy Division sales team are Joshua Patton, Chris Herman and Jonathan Wickersham. All of these team members will be based in Verdant’s new Detroit office.
“Until now, Verdant’s Energy Division has focused on financing technologies that generate clean energy,” said John Merritt, Executive Vice President of Verdant Commercial Capital. “With the addition of this experienced team, Verdant has expanded its focus to include the financing of technologies that reduce the demand for energy. Demand side management saves money for our clients and helps save the environment for all of us.”
Verdant Commercial Capital has hired James Friedrichs as a Vice President in its Specialty Vehicle division, with an emphasis in the over the road trucking. With three decades of industry experience, Friedrichs will work with distributors and end users to provide a best-in-class financing experience. Friedrichs will be located in Verdant’s Minnesota office.
“As Verdant continues to grow the specialty vehicles vertical, we are excited to complement our team with the experience and relationships that James brings to us,” said Pete Thorp, Verdant Special Vehicle Vice President. “The specialty vehicle vertical is a significant part of the overall growth strategy for Verdant, and we’re looking forward to expanding into this market.”
Verdant Commercial Capital announced that it is moving its headquarters to a new location in Cincinnati. Due to its growth and the number of new employees the company has added over the past four years, Verdant needed to expand its main location.
Beginning December 1, Verdant’s new location will be:
Verdant Commercial Capital, LLC
9987 Carver Road
Cincinnati, OH 45242
Verdant Commercial Capital Expands Funding Capacity with a $200 Million Warehouse Facility Provided by Wells Fargo
Cincinnati, OH - Verdant Commercial Capital announced that it recently expanded its funding capacity through the addition of a $200 million second facility with Wells Fargo Bank, N.A. (“Wells Fargo”).
Verdant Commercial Capital Reaches Milestone of $1 Billion of Originations Since Its Inception in July 2017
Cincinnati, OH - Verdant Commercial Capital announced today that the company has surpassed its first $1 billion in equipment financing originations. This milestone means that Verdant has helped its equipment vendor business partners finance more than $1 billion in equipment for their customers.
In July 2017, founders Mike Rooney, Chris Kelley and John Merritt started Verdant Commercial Capital. Four years later, the company has grown to more than 60 employees with offices around the country. In 2020, Verdant was the sixth largest independent equipment finance company in the US, and 67th in the Monitor 100 for new business volume.*
Mike discusses his career and the role others have played during his career. “Seeing others’ success that you had a very small part of is really the most gratifying thing.”
Cincinnati, OH — Verdant Commercial Capital, LLC executed a multi-year Vendor Program Agreement with Climb Channel Solutions.
This partnership combines customized long-term finance options with the latest in emerging and disruptive technologies that Climb Channel Solutions is known for. The program agreement will allow VARs, MSPs, and their customers to access the software and hardware solutions they need via a payment structure that fits their budget.