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Private Equity
versa.com

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Investments

7

Portfolio Exits

7

Funds

3

Partners & Customers

1

Service Providers

1

About Versa Capital Management

Versa Capital Mangement is a private equity investment firm with $1.2 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa's portfolio includes Bob's Stores, a northeastern apparel retailer that was recognized in 2011 as Connecticut's Retailer of the Year; Avenue Stores, a chain of trend-right, multi-channel stores offering affordable fashion for real size women; and Black Angus Steakhouses, a chain of family-oriented steak restaurants in the western states.

Versa Capital Management Headquarter Location

2929 Arch Street Suite 1800

Philadelphia, Pennsylvania, 19104,

United States

215-609-3400

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Research containing Versa Capital Management

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CB Insights Intelligence Analysts have mentioned Versa Capital Management in 1 CB Insights research brief, most recently on Jul 26, 2022.

Latest Versa Capital Management News

Silver Airways Announces Achievement of Major Strategic Initiatives

Feb 9, 2022

Silver Airways Positioned to Accelerate Growth with Successful Completion of Its Recapitalization, Fleet Restructuring, Expansion of Passenger Service, and Launch of its Regional Air Cargo Operations Download Silver Airways ATR (Photo: Business Wire) February 09, 2022 09:00 AM Eastern Standard Time HOLLYWOOD, Fla.--( BUSINESS WIRE )--Silver Airways LLC (“Silver”), America’s leading independent regional airline and the U.S. launch operator of the fuel efficient and environmentally friendly ATR-600 series turboprop aircraft, has successfully implemented critical strategic objectives including raising $50 million of new capital through the placement of senior secured convertible notes to provide further support to Silver’s business plan and capital structure and further accelerates its growth. Silver Airways, owned by affiliates of investment firm Versa Capital Management, LLC (“Versa Capital”), operates regional passenger networks in Florida, the Bahamas, and the Caribbean, and provides regional cargo services with five ATR-500 aircraft operating out of Ft. Worth, Texas. Silver’s new financing was arranged by Jefferies LLC aviation banking team and was fully subscribed to by funds and accounts managed by Brigade Capital Management, LP (“Brigade”), a leading global credit asset management firm with $30 billion under management, after a competitive placement process. Silver has also recently implemented the following corporate initiatives to position the airline for growth and continued expansion of its customer offerings: Entered into new or amended aircraft leases with all of Silver’s aircraft lessors, thereby providing significant financial and operational flexibility for the airline. Resumed new aircraft deliveries with two factory-new ATR42-600 aircraft received by Silver in December 2021, bringing its ATR-600 passenger fleet to eleven aircraft, with further significant ATR-600 fleet growth planned for 2022. Obtained regulatory approval to begin flying ATR aircraft in cargo operations and placed five ATR72-500 freighters into service late in 2021 under a commercial contract and began delivering cargo during the recent holiday season. Expanded Silver’s long-standing code sharing relationship with United Airlines to include all Silver markets in the Caribbean and additional routes in the Southeastern U.S. Finalized integration of San Juan-based Seaborne Airlines into Silver’s operations. Re-launched Silver’s highly acclaimed website – www.silverairways.com – creating a simplified travel experience for our valued customers. Introduced expanded passenger service in Florida, Georgia, South Carolina, and Louisiana. Silver President and CEO Steven A. Rossum said, “Without minimizing the tremendous support of so many business partners and stakeholders throughout this unprecedented period, none of this could have been accomplished without the dedication, hard work, sacrifice, and grit of Silver and Seaborne’s loyal Team Members who continued to provide safe, reliable, and customer-friendly service to our customers every day. Silver and its Team Members now deservedly have the opportunity for long-term stability and growth with an airline poised to undergo rapid and dramatic expansion.” Rossum added, “After the most extraordinary period in commercial aviation history, we are humbled and energized by achieving these transformational initiatives. With new, long-term financing, a fleet portfolio comprised of young, fuel efficient, and environmentally friendly aircraft, the final integration of our San Juan-based subsidiary Seaborne Airlines, and our new cargo operations all in place, Silver is now positioned to execute on its tremendous opportunities in the regional passenger and cargo sectors.” Gregory L. Segall, Chairman of Silver and of its owner Versa Capital commented, “Over the last few years, Steve Rossum and his leadership team steered Silver through extraordinary challenges and implemented bold initiatives that have validated Silver’s value proposition to the airline’s passenger, codeshare and cargo partners. By transforming our fleet into the modern and efficient ATR turboprops and with new long-term financing secured, Silver now has the resources to aggressively execute its growth strategy. Having achieved these successes, we are excited to be a part of Silver’s bright future.” In the private placement, Silver was represented by Jefferies LLC as its financial advisor and placement agent, and by Smith Gambrell & Russell LLP as legal counsel, while Versa Capital and its affiliates were represented by Dechert LLP as legal counsel. Brigade was represented by McGuire Woods LLP. About Silver Airways Silver Airways , America’s leading independent regional airline and the U.S. launch operator of the fuel efficient and environmentally friendly ATR-600 series turboprop aircraft, provides safe, reliable, and customer-friendly passenger and cargo airline services. Silver operates the most passenger routes within Florida and between Florida and the Bahamas from its gateways in Fort Lauderdale, Orlando, and Tampa. Silver’s Caribbean network connects Puerto Rico with the U.S. Virgin Islands, Anguilla, St. Maarten, St. Kitts, Dominica, Santiago, Dominican Republic, and the British Virgin Islands. Silver’s cargo operations are launched from a gateway in Ft. Worth, Texas. Silver is a codeshare partner with United, JetBlue, American, Delta, Avianca and Copa Airlines, and has interline agreements with Air Canada, Alaska Airlines, All Nippon Airways, Azul, Bahamasair, Emirates, and APG. About Versa Capital Management Versa Capital Management, LLC is a private equity firm focused on control investments involving middle market companies and their management teams in a diverse array of industries and circumstances. For more information, please visit www.Versa.com . About Brigade Capital Management, LP Brigade Capital Management, LP is a global asset management firm founded in 2006 with approximately $30 billion in assets under management. Brigade invests in public and private credit instruments using a bottom-up investment philosophy across a variety of diversified funds. As an SEC registered investment advisor, Brigade is one of the largest independent alternative asset managers with a 49-person investment team. Founded by Donald E. Morgan III, CIO and Managing Partner, the firm is headquartered in New York with a global footprint that includes offices in London and Tokyo. Contacts

Versa Capital Management Investments

7 Investments

Versa Capital Management has made 7 investments. Their latest investment was in Hatteras Yachts as part of their Recap on September 9, 2016.

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Versa Capital Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/20/2016

Recap

Hatteras Yachts

Yes

1

7/21/2016

Recap

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10

9/12/2012

Portfolio NewCo

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0

6/12/2012

Private Equity

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10

1/24/2011

Unattributed

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0

Date

9/20/2016

7/21/2016

9/12/2012

6/12/2012

1/24/2011

Round

Recap

Recap

Portfolio NewCo

Private Equity

Unattributed

Company

Hatteras Yachts

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Amount

New?

Yes

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Co-Investors

Sources

1

10

0

10

0

Versa Capital Management Portfolio Exits

7 Portfolio Exits

Versa Capital Management has 7 portfolio exits. Their latest portfolio exit was SynCardia Systems on September 30, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/30/2021

Acquired

$99M

1

5/20/2021

Acquired - II

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$99M

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10

10/4/2019

Asset Sale

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$99M

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10

12/4/2018

Acq - Fin - II

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$99M

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10

10/12/2017

Acq - Fin - II

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$99M

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10

Date

9/30/2021

5/20/2021

10/4/2019

12/4/2018

10/12/2017

Exit

Acquired

Acquired - II

Asset Sale

Acq - Fin - II

Acq - Fin - II

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

10

10

Versa Capital Management Acquisitions

19 Acquisitions

Versa Capital Management acquired 19 companies. Their latest acquisition was Alex Apparel Group on May 28, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

5/28/2019

Debt

$99M

$1.5M

Acq - Fin

2

9/13/2016

Debt

$99M

$7.5M

Acq - Fin

3

7/6/2016

Debt

$99M

$56.53M

Asset Sale

2

3/16/2015

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$99M

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10

8/19/2014

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$99M

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10

Date

5/28/2019

9/13/2016

7/6/2016

3/16/2015

8/19/2014

Investment Stage

Debt

Debt

Debt

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$1.5M

$7.5M

$56.53M

Note

Acq - Fin

Acq - Fin

Asset Sale

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Sources

2

3

2

10

10

Versa Capital Management Fund History

3 Fund Histories

Versa Capital Management has 3 funds, including Versa Capital Fund III LP.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/26/2014

Versa Capital Fund III LP

Restructuring/Distressed Debt

Open

$273M

1

5/20/2009

Versa Capital Partners II LP

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$99M

10

5/28/2006

Versa Capital Fund I LP

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$99M

10

Closing Date

11/26/2014

5/20/2009

5/28/2006

Fund

Versa Capital Fund III LP

Versa Capital Partners II LP

Versa Capital Fund I LP

Fund Type

Restructuring/Distressed Debt

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Status

Open

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Amount

$273M

$99M

$99M

Sources

1

10

10

Versa Capital Management Partners & Customers

1 Partners and customers

Versa Capital Management has 1 strategic partners and customers. Versa Capital Management recently partnered with Epicor on January 1, 2015.

Versa Capital Management Service Providers

1 Service Provider

Versa Capital Management has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Lincoln International

Recap

Investment Bank

Financial Advisor

Service Provider

Lincoln International

Associated Rounds

Recap

Provider Type

Investment Bank

Service Type

Financial Advisor

Partnership data by VentureSource

Versa Capital Management Team

8 Team Members

Versa Capital Management has 8 team members, including current Chief Executive Officer, Gregory L. Segall.

Name

Work History

Title

Status

Gregory L. Segall

Chief Executive Officer

Current

Teoh Wei-Xiang

Chief Executive Officer

Current

Kamal Advani

Bell and Howell, Internet Capital Group, and Procurian

Managing Director

Current

Raymond C. French

Managing Director

Current

Leslie Stern

Chief Executive Officer

Former

Name

Gregory L. Segall

Teoh Wei-Xiang

Kamal Advani

Raymond C. French

Leslie Stern

Work History

Bell and Howell, Internet Capital Group, and Procurian

Title

Chief Executive Officer

Chief Executive Officer

Managing Director

Managing Director

Chief Executive Officer

Status

Current

Current

Current

Current

Former

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