Looking to restructure some debt stemming from acquisitions and to fund the buyout of its majority owner, Tex-Cap Concord Insurance Services—a Dallas-based insurance agency that places commercial, personal and employee-benefits business—tapped Oak Street Funding for a multimillion-dollar loan.
“Every deal of a decent magnitude will have its challenges. With this one, there was a lot of emotion around the ownership change; and the tax implications if the deal didn’t close in 2012 added a [pressing] time element,” says Rick Dennen, CEO of Oak Street, which has made some 1,700 loans since its founding in 2003.
But the pace at which Oak Street—whose loan sizes range from $10,000 to $10 million—can respond is one of the financing firm’s chief selling points over traditional capital sources.
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