TORONTO — When Andrew Curtis took over Clearco, he had his work cut out for him.
A downturn in the tech sector that hit companies big and small was well underway and financiers were so spooked they were tightening their purse strings and pausing the lofty deals they signed at a dizzying rate during the height of the COVID-19 pandemic.
So when Clearco's board approached Curtis in January with news that co-founder Michele Romanow was exiting the top job and joining ex-flame and fellow co-founder in the executive chair role, the New York-based investment banker-turned Clearco adviser couldn't resist the opportunity to chart the company's new future.
The transactions provide up to $100 million in financing capacity and are expected to support $850 million of Clearco originations in the next two years. "Lots changed in the last couple of years, most importantly, central bank's tightening of monetary policy, so rates are much higher and that, that always has some effect," said Curtis.
When the bank's Canadian branch was liquidated, some of Clearco's early investors were able to buy the company's $60 million loan.
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