Benchmark Management Company Secures Financing via the Main Street Lending Program
HOUSTON, TEXAS (December 16, 2020) – Statesman Business Advisors, LLC (“Statesman”) is pleased to announce that Benchmark Management Company, LLC (“Benchmark” and/or the “Company”), has secured $36,000,000 in senior debt financing via the Main Street Lending Program (“MSLP”) from Gulf Capital Bank (“Gulf Capital”), with participation from the Federal Reserve Bank of Boston. Statesman served as the exclusive financial advisor on the transaction providing valuation, modeling, and underwriting support to the parties throughout the transaction, which closed December 11, 2020.
Benchmark (The Woodlands, TX) is a privately held, leading global hospitality company specializing in owner-focused, guest-dedicated third-party hospitality management services. Headquartered in The Woodlands, Texas, Benchmark provides world-class services and expertise in the development, management, marketing and owner-advisory of resorts, hotels, conference centers, and exclusive private clubs. The Company is a leading third-party manager of independent and experiential hotels, resorts, and conference centers, and the largest pure-play independent third-party operator with over 50 properties throughout North America.
About the other transaction participants
Statesman Business Advisors, LLC (Houston, TX) is one of Houston’s premier financial advisory firms serving middle-market businesses. Statesman specializes in merger and acquisition advisory services (both sell side and buy side), management buyouts / recapitalizations, business financing and capital sourcing, and accredited business valuations. Additionally, Statesman provides due diligence services and government guaranteed loan packaging for financial institutions. The Statesman team advising on this engagement was led by Director Gary Canon. Securities transactions are completed through Statesman’s affiliate, Statesman Corporate Finance, LLC, a FINRA registered broker-dealer.
Gulf Capital Bank (Houston, TX) is a de novo bank that completed its capital raise of over $93 million in early 2020, which was the largest capital raise of any de novo bank in the history of Texas. As Houston’s first de novo bank in more than a decade, Gulf Capital is redefining the value of a bank by putting personal relationships at the center of everything it does. With decades-deep local roots, the Gulf Capital team uses hard work, straight talk, and smart thinking to help customers accomplish their vision. “We are able to bring Houston companies big-bank products and services, in a more personal platform. We’re building a seasoned team of the most capable and relationship-oriented bankers in the Houston market”, said Jonathan Homeyer, President & Chief Lending Officer. In addition to Homeyer, the Gulf Capital team is led by Ed Jones, Chairman and Chief Executive Officer. Jones and Homeyer are the former commercial banking managers of Houston’s largest banks, J.P. Morgan Chase & Co., and Wells Fargo & Company, respectively. Stan Grisham, Senior Relationship Manager, was lead on this transaction on behalf of Gulf Capital.
The Federal Reserve Bank of Boston (Boston, MA) is part of the U.S. Federal Reserve system. The Boston Fed took a leadership role in establishing and administering the Main Street Lending Program, and coordinates loans with banks across the U.S. that have opted into the MSLP. The program relies on banks to originate and underwrite loans to small and medium-sized for-profit businesses and nonprofit organizations as an added economic stimulus in the wake of the COVID-19 pandemic.