Monroe establishes retail ABL vertical

The US lender has hired two retail and consumer products-focused experts in Boston for a new industry vertical.

Monroe Capital has hired Andy Moser (pictured) and Marc Price in a new retail and consumer products asset-based lending group.

The duo will work at the firm’s Boston office and be joined by more underwriting and portfolio management staff, according to Monroe chief executive Ted Koenig. 

Moser and Price previously worked at asset-based lender Salus Capital Partners. They both left in April amid scrutiny following losses from a $250 million loan to RadioShack, the bankrupt retailer.  

Moser was president and chief executive at Salus, which parent HRG Group has been trying to sell. He had previously been senior vice-president and head of asset-based lending at First Niagara Bank and principal and co-founder of investment management firm Kairos Capital Partners in New York. He had also been a senior managing director in the retail finance group of GMACCF and a managing director at Chicago lender CapitalSource, according to his LinkedIn profile. 

Price was an executive vice-president in loan origination and corporate strategy at Salus. He was formerly a vice-president at EMCC, a Schottenstein Stores Corporation affiliate, and a principal at Boston asset management firm State Street Global Advisors.  

Monroe’s Koenig said he saw a lot of opportunity in the retail sector. “Thirty percent of US GDP is consumer goods. And I’ve got two guys that have formed a whole career out of doing deals in that area,” he told PDI.  

He added that the retail vertical complements Monroe’s existing industry coverage: healthcare, technology, media and equity stock ownership plan (ESOP). 

Last week, Monroe hired another former senior Salus employee to work on origination in a new Toronto office. Mark Sturrock is an industry generalist.  

Monroe is a provider of senior and junior debt and equity co-investments to mid-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value-based loans, asset-based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. The firm has just over $3 billion in assets under management and is headquartered in Chicago.