Opus Bank’s Corporate Finance division provides senior debt financing for the acquisition of Rogers Software Development, Inc. by Basswood Capital, LLC, a search fund
Overview of Transaction
- Basswood Capital's wholly owned subsidiary, ProPoint Solutions, LLC (“ProPoint”), acquired the assets of Rogers Software Development, Inc. (“Rogers”). ProPoint will continue to do business as Rogers Software Development due to its recognizable name in the industry.
- Rogers develops, markets, installs, and supports its proprietary SaaS-based point of sale software platform targeting multi-location salon and spa owners.
- Founded in 1999, Rogers is one of the largest POS providers in the fragmented salon and spa software industry.
- Rogers’ SuperSalon, its flagship product, is viewed as one of the most recognizable and strongest products in the industry.
Significance of Transaction
- Opus Bank (“Opus”) has developed a track record with the investor group, which largely drove their decision to choose Opus for the transaction financing.
- Given the asset light nature of the transaction, the financing structure required an enterprise value approach to lending.
Opus Bank's Role:
- Opus provided term debt financing to assist with the acquisition allowing the existing owner to transition to a more hands-off role in the daily management of the company and for the investor group to acquire a majority stake in the business.