Lateral signs up advisory board

The California-based private lender has recruited a number of sector experts to serve on its advisory board and support the firm’s portfolio companies.

Growth debt provider Lateral Investment Management has added an advisory board of senior business professionals to work with its borrowers, the firm said. The board includes past and present executives of Blackstone, Shire Pharmaceuticals, HP Financial Services and Lockheed Martin, among others.

“The seven executives who have joined the advisory board of Lateral are well-respected business leaders with long-track records of building successful companies,” said Kenneth Masters, managing partner and Lateral's chief investment officer (CIO). “Their experience, along with the expertise of Lateral's investment team, will help our companies meet their growth objectives.”

California-based Lateral IM makes growth financing loans to unsponsored mid-market borrowers. The firm was co-founded by Kenneth Masters, also co-founder of White Oak Global Advisors, another California-based lender focused on providing debt to non-sponsor-backed companies and Richard da Silva, previously a general partner at Highland Capital Partners.

The new advisory board comprises Matthew Allain, chief executive officer (CEO) of The Leo Group, a New Jersey-based wealth manager for whom Lateral manages a debt portfolio; Duncan Cocroft, former chief financial officer at Cendant, a business services firm; Robert Friedman, a former senior managing director within Blackstone’s private equity group; Ginger Gregory, chief human resources officer for Shire Pharmaceuticals; Garry Neil, chief scientific officer of Medgenics, a genetic treatments producer; Irv Rothman, president and CEO of HP Financial Services, the computer and software producer’s financial unit, and Daniel Schultz, vice president and general manager of Lockheed Martin’s ship and aviation business.

Lateral lends to businesses with revenues of between $10 million and $100 million and are seeking debt to support a clear growth plan.

Earlier this year Lateral signed an agreement with $1.3 billion wealth manager, The Leo Group, to advise on a private debt portfolio totalling $55 million held by the wealth manager.