For Immediate Release:
|Brian J. Van Nevel||Steve Lowenthal|
|Phone: 952-876-8225||Phone: 952-876-8227|
|Fax: 952-876-8220||Fax: 952-876-8220|
|Email: Brian.Vannevel@spectrumcommercial.com||Email: Steve.Lowenthal@spectrumcommercial.com|
Management Led Investor Group Buys SPECTRUM Commercial Services from U.S. Bancorp
Minneapolis, Minnesota (June 1, 2001)—Brian J. Van Nevel and Steven Lowenthal, long time members of the SPECTRUM Commercial Services Executive Team, led a management buyout of SPECTRUM from U.S. Bancorp which was finalized in March of 2001. With $6 million in local equity and a senior line of credit starting at $30 million, SPECTRUM is poised to continue its growth in asset-based lending and factoring in the midwest marketplace it has served for the last 6 years. The entire SPECTRUM team was retained and are excited to carry on SPECTRUM’s long tradition of providing local businesses with financing from $25,000 to $3,000,000.
Prior to September 2000, SPECTRUM Commercial Services was a division of Lyon Financial Services, Inc., which itself was a subsidiary of Schwan’s Sales Enterprises of Marshall, MN. Lyon Financial was purchased by U.S. Bancorp in September of 2000. Lyon Financial had 9 divisions at the time of the purchase. SPECTRUM was the only non-leasing division in Lyon Financial and was not a long term strategic fit for U.S. Bancorp. Brian J. Van Nevel and Steven Lowenthal raised local equity and secured a long term senior line of credit to purchase SPECTRUM from U.S. Bancorp.
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