Varadero Capital received legal counsel from Mayer Brown while CAN Capital was served by financial advisor Jefferies and legal firm DLA Piper.
Existing CAN Capital customers that are eligible for renewal can immediately apply for funding while new customers may apply through select sales partners. Term loans and merchant cash advances ranging from $2,500-$150,000 are available in all 50 states,
“We’re thrilled to leverage Varadero Capital’s specialty financing expertise and capital,” CAN Capital CEO Parris Sanz said. “They are a seamless fit and support our mission of helping small business owners succeed with fast, efficient access to working capital.
“We have developed strategic relationships with sales partners over the past 19 years that have proven traction in serving the small business community. We’re committed to continuing and growing those relationships as we move forward with the next phase of the company and reengage with our customers.”
Varadero Capital managing partner and CIO Fernando Guerrero explained why his firm chose to back the embattled CAN Capital.
“We were impressed with the overall value proposition of CAN’s offerings as evidenced by the strength of its long standing relationships, the company’s core team, sound underwriting practices, technology and the strong performance of their credit extension throughout the cycle. We’re confident the company’s focused funding practices will allow it to serve small business customers for many years to come.”