"Victory Park has been a great partner for us in every sense of the word. They are collaborative, creative and eager to help us find solutions. I would gladly recommend them to any company looking for a strategic capital provider to help grow their business."
– Al Goldstein, CEO
Avant Credit Corporation
CHICAGO – September 2, 2015 – Victory Park Capital (VPC), an asset management firm focused on middle market debt and equity investments, announced today it has provided a $20 million credit facility to 7710 Holdings, LLC (7710), a South Carolina-based provider of workers' compensation insurance products and support services to fire departments that protect residents in suburban and rural geographies throughout the country. The facility will allow 7710 to accelerate the delivery of a competitive, high-value workers' compensation insurance alternative to customers located in nearly 40 states across the U.S.
In addition to providing 7710 with its first institutional credit facility, VPC also provided a strategic equity investment to support working capital and regulatory surplus requirements for the company.
"7710 has convened a seasoned group of executives and senior advisors that possess a unique insight into the workers' compensation insurance needs of the niche firefighter market," said Derek Ferguson, principal at VPC. "We believe 7710 has identified an underserved and overlooked market opportunity in the broader insurance sector, and, through their direct professional experience with firefighters as well as insurance, is poised to successfully execute upon the company's growth strategy. We look forward to partnering with the company and helping management create a world-class provider of niche insurance products."
7710 is led by CEO Bill Adamson, an accomplished executive with more than 40 years of experience in the insurance industry. Adamson said, "We are pleased with the significant show of support from VPC, which gives us a strong financial base to provide for the unique workers' compensation needs of firefighters."
"We are excited to team up with a firm as knowledgeable and experienced as VPC in providing capital support to leaders in niche market sectors," added Tim Dunn, chief financial officer of 7710. "The flexibility of their structure will enable us to advance our expansion efforts into additional states and commence delivery of a premium product and service to our target customer base."
Victory Park Capital (VPC) is a privately held registered investment advisor dedicated to alternative investing through the management of its investment vehicles. As specialists in credit and private equity investments, VPC focuses on middle market companies across a diversified range of industries. Whether as a lender or a control investor, VPC seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, VPC is headquartered in Chicago with additional resources in Los Angeles, New York and San Francisco. For more information visit: www.victoryparkcapital.com.
Founded in 2014 and headquartered in Summerton, SC, 7710 is the premier provider of custom built workers' compensation insurance and support services to fire departments serving suburban and rural markets across the U.S. Through its exclusive firefighters loss control representatives and experienced agent network, the company brings an unmatched and value-added perspective with "hands on" knowledge to fire departments in order to create sustainable, long-term solutions to their workers' compensation insurance needs.