Legacy Corporate Lending Launches In Plano with Backing from Bain Capital

Legacy Corporate Lending said it provides direct financing to middle market companies across a variety of industries. CEO Clark Griffith said the firm aims to create a well-funded lending platform at a crucial time for many companies in need of financial solutions.

A subsidiary of Boston-based Bain Capital Credit is backing the launch of Legacy Corporate Lending, a new asset-based lending company headquartered in Plano that will serve middle market companies that might not be able to readily access traditional forms of lending.

“We are excited to establish this well-capitalized platform in partnership with Bain Capital Credit at a time when lending provides an essential solution to many companies,” Legacy Corporate Lending CEO Clark Griffith said in a statement. “We see a significant opportunity to leverage our combined credit investment and industry expertise to provide borrowers with flexible, solutions-oriented capital. We look forward to leveraging our experience and relationships to build a diversified lending platform focused on serving the unique needs of our borrowers.”

Legacy Corporate Lending, a portfolio company of Bain Capital Specialty Finance Inc. and Bain Capital Private Credit, will focus on serving middle-market companies across North America.

Legacy said it will provide term loans and revolving credit lines backed by assets such as inventory, machinery, equipment, unpaid bills from customers, real estate, and intellectual property. Such loans often are appealing to companies who, because of their credit situation, may have a hard time accessing more conventional financing.

Legacy Corporate Lending is looking to offer loans between $10 and $40 million.

Legacy said it provides direct financing to middle market companies — both private and public — across a variety of industries including automotive, business services, consumer products, distribution and wholesale, e-commerce and retail, food and beverage, manufacturing, and transportation and logistics.

Bain Capital Credit is a leading global credit specialist.

Experienced C-suite team

Legacy CEO Griffith is a 25-year commercial finance industry veteran with significant experience leading and establishing ABL lending businesses.

He spent most of his career at GE Capital, most recently as an officer of GE Japan and senior managing director and head of GE Capital’s Structured Finance business. 

Legacy Corporate Lending’s founding leadership team includes Chief Investment Officer Paul Martin, who brings more than 30 years of commercial lending experience, and Chief Operating Officer Lawrence Ridgway, who has more than 25 years of ABL experience. 

Martin has co-founded several ABL companies, and Ridgway comes to Legacy from Citizens Commercial Banking where he served as a senior vice president, covering ABL clients.

“We are fortunate to be partnering with such a talented and experienced leadership team who shares our conviction about the need for quality ABL offerings to serve this market, and the growth opportunities that lie ahead,” Bain Capital Credit Partner Thomas Kolinski said in a statement. “As seasoned industry veterans, Legacy’s executive team is uniquely positioned to address the complex needs of middle market borrowers and to do so with the speed, certainty, and execution that today’s fast-paced market demands.”

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