MIDCAP FINANCIAL today announced that it has successfully closed the acquisition of substantially all of PNC Bank's Franchise Finance loan portfolio. In conjunction with the acquisition, six members of the Franchise Finance business have joined MidCap Financial including Bernard Lajeunesse, former Senior Vice President and General Manager of PNC Franchise Finance, who will be leading the new initiative.

Steve Curwin, CEO of MidCap Financial Services, LLC, said, "Since its acquisition of the platform from ECN Capital, PNC has been a leading provider of senior debt financing to the U.S. franchise industry, and we are fortunate to be able to acquire this outstanding business. This new endeavor further establishes our leading position in the middle market lending space. Bernie and his team have a long, successful track record, and I am confident they will continue that legacy at MidCap."

For the transaction, Milbank LLP served as legal advisor to MidCap Financial.

About MidCap Financial

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries. The firm's years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial's debt solutions focus in six areas:

• Leveraged loans to companies backed by private equity sponsors;

• General and Healthcare Asset-Based working capital loans collateralized by third-party accounts receivable and other assets;

• Venture loans to VC-backed and public life sciences and technology companies;

• Real Estate loans on all types of commercial properties, medical office buildings, various types of senior housing and skilled nursing properties;

• Lender Finance term loans or revolvers provided across the consumer and commercial finance sectors; and

• Franchise Finance loans to franchisees operating in the quick service restaurant (QSR) and other industries.

Additional information about MidCap Financial can be found at www.midcapfinancial.com