Convergence Capital Partners Helps Mid-Market Companies Realize Liquidity and Value by Monetizing Real Estate Assets

New company helps sub-investment grade businesses and private equity firms realize financial objectives through sale-leaseback financing

Santa Monica, CA --- July 11, 2006 --- Convergence Capital Partners, LLC (“Convergence”) today announced its formation as a privately-held investment company focused on real estate sale-leaseback opportunities.  Convergence, headquartered in Santa Monica, CA, targets middle-market companies seeking to realize liquidity and value from corporate real estate. 

“Convergence works with companies and equity sponsors to unlock the working capital often tied-up in their real estate assets,” said Convergence Founder and President Alexander B. Kasdan.  “This allows them the flexibility to improve their balance sheet and increase cash flow availability. While most capital providers focus on investment-grade companies, we will also work with companies experiencing either temporary financial difficulties or rapid growth.” 

Convergence has fully-committed discretionary capital at its disposal provided by RTI Properties, Inc. and Wilshire Capital Partners LLC.  Through affiliated entities, these major leading Los Angeles real estate companies control a combined 11 million square feet of commercial property and 7,000 apartment units throughout the United States.  Robert Abbasi, Founder and President of RTI and Jon Dishell, President and CEO of Wilshire, bring to Convergence a combined 55 years of real estate investment experience.  “Robert and I are very excited by the prospects for Convergence’s success and believe the Company will capitalize on a very underserved niche in the market,” said Mr. Dishell.  David Blitz, another real estate industry veteran, joins Messrs. Abbasi and Dishell on the Company’s Advisory Board. 

“Because we use our own capital, Convergence offers clients certainty in execution that is not available from many of our competitors,” said Mr. Kasdan. 

Principals of Convergence have decades of experience in real estate, investment banking and corporate law, and Mr. Kasdan has executed transactions totaling more than $10 billion.   

“Alex Kasdan is one of the most astute dealmakers I know, and he brings clients a perspective that most in the sale-leaseback industry simply don’t have,” said Mr. Abbasi.  “His leadership will ensure that Convergence provides maximum real estate liquidity to its clients and will help them reach their business objectives.”

“Our unique blend of investment banking, corporate finance and real estate experience allows Convergence to understand the financial issues often faced by middle-market companies,” said Gregory Vallario, a principal at Convergence.  “We plan to be the financier of choice for small family-owned companies, mid-sized corporations, and private equity firms throughout the United States.”

For more information, visit: www.cvgpartners.com
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Contact:
Alex Kasdan
President
Convergence Capital Partners, LLC
310.453.4748 tel
310.496.2434 fax
ak@cvgpartners.com