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ALDA Capital, Alan Gordon's new firm, to raise funds to provide private, mezzanine financing
By Lisa Kerner
Charlotte, N.C., March 15 - ALDA Capital Corp. is a newly formed, externally managed, non-diversified, closed-end management investment company incorporated in February and based in Chicago, according to a form N-2 filed with the Securities and Exchange Commission.
ALDA Capital plans to hold an initial public offering and use the proceeds to provide customized financing solutions to small- and medium-sized companies, defined as those having annual revenues between $5 million and $100 million, throughout the United States.
The company said it expects its debt investments to include first- and second-lien debt, unsecured notes and mezzanine securities as well as "one-stop" deep structure loans and "unitranche" loans.
In addition, ALDA Capital may invest in mezzanine, subordinated or unsecured loans.
ALDA Capital's investments will generally range in size from $1 million to $3 million, the filing said.
ALDA Capital Manager, LLC is the company's investment adviser, and ALDA Service Co., LLC will provide the administrative services for its operation.
ALDA Capital Manager and ALDA Service are controlled by Alan Gordon, who is the chairman, chief executive officer, president and secretary of ALDA Capital. Gordon is also the chairman and CEO of Richland, Gordon & Co.
"We believe that the current lending environment presents a significant opportunity for our strategy, as the recent financial crisis has reduced competition in the lending industry while demand for credit among private borrowers has increased," ALDA Capital said in the filing.
In March, ALDA Capital Manager purchased 100 shares of ALDA Capital's common stock at $15 per share for a total of $1,500, the initial capital contribution to the company.
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