TORONTO and LOS ANGELES, July 17,
2017 /CNW/ - Commercial financier Accord Financial Corp.
("Accord") (TSX: ACD), through its U.S. subsidiary Accord
Financial, Inc., has completed a strategic investment
in the Santa Monica,
California based film and television financier BondIt Media
Capital ("BondIt"). Founded in 1978 and publicly traded on the
Toronto Stock Exchange, Accord provides responsive and flexible
financing solutions to businesses across the United States and Canada.
Since inception in 2014, BondIt has provided debt financing to
over 200 feature films and television shows, resulting in over
$200 million of production spending
worldwide. BondIt's recent projects include Rob Reiner's Shock and Awe, starring
Woody Harrelson, AMBI's Finding
Steve McQueen, staring
Travis Fimmel, and All the
Devil's Men, starring Milo
Gibson.
"We are thrilled to partner with the team at Accord given their
40-year track record, strong reputation and deep experience
delivering much-needed capital to entrepreneurs," said Matthew Helderman, BondIt co-founder and Chief
Executive Officer.
Helderman added: "Accord's appreciation for the unique needs in
media finance will allow BondIt management to significantly
increase both funding flexibility and speed, ultimately enhancing
our competiveness at the highest level in the marketplace."
The deal was structured by BondIt's Chief Financial Officer,
Patrick DePeters, along with
Accord's Senior Vice President, Simon
Hitzig.
Accord's Chief Executive Officer Tom
Henderson commented: "This investment strengthens Accord's
presence on the west coast, and is an ideal entry into the film and
media sector, one of the country's most dynamic and entrepreneurial
industries. The BondIt team is deeply embedded in the media
community and brings hands-on production experience to the
challenge of financing in this fast-paced environment."
The round of financing and other operational resources provided
by Accord will enable BondIt to achieve significant growth as an
industry leading media financing firm.
Helderman also remarked: "With the closing of this investment,
we are closer to realizing our vision of providing a true one-stop
shop solution to creatives in the quickly evolving media industry.
Our deep alliances with both Buffalo 8 (a production,
post-production and management firm) and ABS Entertainment Payroll,
allow us to offer our clients world-class solutions under one
roof.
"No other team has this unique combination of media expertise
and financing savvy," added Henderson.
About Accord Financial Corp.
Accord Financial
Corp. is a leading North American finance company providing
distinctive working capital solutions to companies from coast to
coast. Accord's versatile finance programs cover the full spectrum
of asset-based lending, from factoring and inventory finance, to
equipment leasing and trade finance.
About BondIt Media Capital
BondIt Media Capital was
founded in 2014 by film producers and media entrepreneurs
Matthew Helderman and Luke Taylor and has emerged as an
industry leader in film and media finance. Since
inception BondIt has participated in the financing of over 200
feature film and television projects ranging from micro-budgets to
studio level projects.
SOURCE Accord Financial Corp.