ZPower, a provider of rechargeable microbatteries, has secured a $25 million growth loan from MidCap Financial and Apollo Investment Corporation. Mooreland Partners advised ZPower on the transaction.
January 23, 2018 – Mooreland Partners, the leading independent investment bank providing M&A and private capital advisory services to growth sectors of the economy, today announced that it acted as the exclusive financial advisor to ZPower on securing a $25 million growth loan from MidCap Financial and Apollo Investment Corporation (NASDAQ: AINV).
“ZPower is a leading innovator in the area of rechargeable microbatteries which are used in a variety of consumer and medical applications. The Company’s strong growth, intellectual property, and management capabilities made it an ideal candidate for a growth loan,” said Phil Kwun, Managing Director at Mooreland Partners. “Through key additions to its senior team in the last year, Mooreland has created a strong capability to advise clients on the private debt market for growth loans at a time when companies are seeking less dilutive ways to finance predictable growth,” added Stephen Schweich, Managing Director at Mooreland Partners. Mooreland was able to complete this transaction in about 90 days.
ZPower, with headquarters and manufacturing facilities in Camarillo, California, is the world’s only developer of rechargeable silver-zinc batteries for microbattery applications. ZPower batteries deliver unmatched performance, safety, and environmental sustainability. ZPower has had rapid growth launching new rechargeable battery solutions for the hearing aid battery market and consumer wearables market. ZPower is ISO certified and its facilities and devices are registered with the FDA. For more information, visit www.zpowerbattery.com.
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. MidCap provides a broad array of products intended to finance growth and manage working capital. As of December 31, 2017, MidCap Financial had $15 billion of commitments under management. Since founding in 2008, MidCap has been working with management teams and sponsors to deliver thoughtful and cost-effective debt solutions. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, LLC, pursuant to an investment management agreement. For more information, visit www.midcapfinancial.com.
Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. For more information, please visit www.apolloic.com.
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Founded in 2002, Mooreland Partners is a leading independent M&A and private capital advisory firm serving the global technology industry with offices in London, New York, and Silicon Valley. Mooreland’s team of 50+ professionals delivers industry domain and transaction expertise across all major technology sectors including enterprise software, industrial electronics, mobile, digital media, consumer, e-commerce and fintech. Learn more at www.moorelandpartners.com; read our blog.