WCP Investments LP led a recapitalization of Atlanta-based hotel lender Access Point Financial for $350 million. As a result, Stone Point Capital has exited APF. Wells Fargo and KBW served as buy-side and sell-side advisers, respectively, on the transaction.
ATLANTA–(BUSINESS WIRE)–Access Point Financial (APF), today announced the recapitalization of the company in a transaction led by WCP Investments LP (“WCPI”), having been arranged by Wells Fargo and KBW as buy-side and sell-side advisors, respectively. The recapitalization saw the successful exit of Stone Point Capital from the business and represented a $350 million+ transaction, including commitments from WCPI and APF Management to facilitate the continued expansion of the platform.
Commenting on the transaction, Jon S. Wright, APF’s chairman and CEO, said, “We are delighted with the success we have achieved since our initial capitalization in 2011 and will now move to grow the platform to even greater heights with WCPI as our financial partner. The APF management team will be forever grateful to Chuck Davis and his investment team at Stone Point for their forward-looking and pioneering rational when earmarking the initial 2011 investment. Our new partners at WCPI share our passion for integrity as well as verifiable results driven by operating partners with a 25 year track record of risk adjusted returns.”
WCPI’s Chief Investment Officer, Michael Gontar, commented, “We are excited to gain exposure to this unique asset class and are looking forward to continuing the tremendous growth that APF has achieved since its founding.” Chuck Davis, CEO of Stone Point Capital, remarked, “Jon and his team did a tremendous job forming and building the Access Point business. We have really enjoyed our partnership with the Access Point team, and we wish them great success in the future.”
APF, a direct lender that primarily focuses on the hospitality industry, offers a full-service lending and advisory platform that provides financing to qualified hotel franchisees of all major brands and independent boutique hotels throughout the United State and Canada. The company has made approximately 650 loans representing approximately $3.5 billion of asset value from its inception in 2011, with banking partners such as JP Morgan, Credit Suisse and Key Bank. APF was recognized by Inc. 500 as the #17 ranked private growth company in the United States in 2015, and was also a top 20 growth company as ranked by the Atlanta Business Chronicle in 2015. The Inc. 500 ranking placed APF as the top ranked debt provider (in terms of growth).
Wright added, “We have a loyal and very talented management team and client base that have served in unison for almost 25 years. Our clients and hotel franchise brand executives have helped define us as the premiere lender in this specialty asset class. We provide one stop shopping in the middle market hotel lending space.”
About Access Point Financial
Based in Atlanta, Access Point Financial (APF) is a direct full-service lender servicing the hospitality industry. APF was formed by a private equity firm based in Greenwich, Conn. and the APF Management team. APF lends to qualified franchisees of major hotel brands and independent boutique hotels throughout the United States and Canada and is not an owner operator of hotel assets. For more information, visit www.accesspointfinancial.com.
WCPI is a joint venture between Wafra Capital Partners Inc. (“WCP”) and NBK Capital (“NBKC”). WCP, a New York based SEC-registered investment adviser, manages products particularly on a Shari’ah-compliant basis specialized in asset-based finance and real estate investments. WCP manages approximately $4.0 billion in commitments and assets under management as of March 31, 2017.* NBKC is an investment firm that operates from Kuwait, Dubai, Istanbul, and Cairo and is focused on four primary lines of business, including Asset Management, Alternative Investments, Brokerage, and Investment Banking. NBKC manages approximately $6.4 billion in commitments and assets under management as of December 31, 2016. For more information, visit www.wafracapital.com.
* WCP and its affiliates’ estimated assets and commitments under management generally valued as of March 31,2017. Valuations of assets are estimated. All assets are not necessarily valued as of the same date and current values may differ.
Assets under management calculation methodologies may differ from year to year.