Early stage broker CAC Specialty has pointed to its strategic relationship with Fortress Investment Group and reiterated its commitment to providing financing for clients facing liquidity pressure resulting from the Covid-19 outbreak.
The specialty broker opened for business last summer, with Softbank-owned investment fund Fortress having provided financing for the formation of the company. The relationship with Fortress also allows CAC to support the capital needs of its clients for acquisitions, recapitalisations, growth capital and other bespoke financing transactions.
“Through this relationship, Fortress is equipped to provide short-term financing for CAC clients facing liquidity pressure due to the direct and indirect impact from Covid-19,” the broker said in a statement.
Bruce Denson, president of CAC Specialty and parent Cobbs Allen, said: “During this challenging time, we are confident in our ability to help our clients solve problems.”
He added: “Our relationship with Fortress gives us significant tools to help our clients weather this storm.”
When news broke that Fortress was supporting the aggressively expansive CAC, the investment fund’s managing director Brian Stewart said: “CAC Specialty has brought together an impressive group of market-leading professionals with deep relationships and significant product expertise.
“We believe this strategic relationship will enhance our ability to deploy capital to financial sponsor portfolio companies and corporates.”