Maryland-headquartered MidCap Financial has closed its acquisition of substantially all of PNC Bank’s franchise finance loan portfolio. The transaction further establishes MidCap Financial’s strong position in the middle market lending space.

In conjunction with the acquisition, six members of the franchise finance business joined MidCap Financial, including Bernard Lajeunesse, former senior vice president and general manager of PNC Franchise Finance, who will be leading the new initiative.

Milbank LLP served as legal adviser to MidCap Financial.

MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. The firm provides management or other services for more than $22 billion in commitments as of June 2019, of which $3.44 billion are managed by MidCap Financial Services Capital Management LLC, a registered investment adviser.