SBIA Update: December 6, 2019

SBIA Update is a way to stay up-to-date on the latest industry news, SBIA member information, and policies that impact the lower middle market.  Below are a few articles featured in this edition of SBIA Update. For the full news update, please refer to the SBIA Update email in your inbox.

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Legislative & Regulatory Update

Renewal of SBA Data Collection Authority

Federal law requires federal agencies that collect certain levels of information from the public to renew collection authority from the OMB every three years. SBA is in the process of renewing its information collection authority for several programs under its jurisdiction including the SBIC program. As part of this process, the SBA seeks public comment about the burden level on applicants from the SBIC Management Assessment Questionnaire and License Application (e.g., SBA Forms 2181, 2182, 2183). Specifically, the SBA invites comments on whether the collection of MAQ information is necessary for the SBA to perform its program responsibilities and whether there are ways to “minimize the burden, including through the use of automated technology”. SBA is not proposing any substantive changes to the MAQ under this notice.

If your firm has specific comments to offer, please send them to SBIA’s general counsel (dparkhurst@sbia.org) no later than close of business on Wednesday, December 18. We will consolidate and submit all comments received.

Alternatively, please submit your firm’s written comments directly to the SBA no later than December 23, 2019, to the attention of Mr. Louis Cupp, New Markets Policy Analyst, Office of Investment and Innovation, SBA, 409 3rd Street, 6th Floor, Washington, D.C. 20416.


 

Member Deals 

Spanos Barber Jesse

New Spanos Barber Jesse & Co. PR for 11.19.19, Resolvion Merger

Spanos Barber Jesse & Co. (SBJ) and TZP Group (TZP) merged SBJ’s portfolio company, ALS Resolvion, with TZP’s portfolio company, Del Mar Recovery Solutions, creating Resolvion, one of the largest automotive collateral recovery solutions companies in the industry. Resolvion serves over 200 customers nationwide, including 40 of the top 50 auto finance lenders. Parties involved are SBJ, TZP, ALS Resolvion, Del Mar Recovery Solutions, Cadence Bank, McGuire Woods LLP and Kirkland & Ellis LLP.

 

Rand Capital

Rand Capital Announces Two of its Portfolio Companies Undertaking Major Financing Rounds to Support Their Strategic Growth

On November 26, 2019, Rand Capital Corporation, a business development company (BDC), announced that two of its Buffalo, NY-based portfolio companies, ACV Auctions, Inc. and PostProcess Technologies, Inc., have both completed major financing rounds, raising $150 million and $20 million, respectively. The ACV Auctions financing was led by Wellington Management Company and Fidelity Management & Research Co. and included existing investors such as Bain Capital Ventures, Bessemer Venture Partners and Tribeca Venture Partners. The PostProcess Technologies round was led by Grand Oaks Capital, an investment firm founded by businessman and philanthropist Tom Golisano, the founder of Paychex Inc.


SBIA is the voice and advocate for the lower middle market. Go to www.SBIA.org/about to learn more about the Small Business Investor Alliance.

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