Vincent Repaci, the former head of asset-based syndications and distribution at GE Capital, joined UBS Warburg last Monday to head up the firm's new asset-based lending (ABL) effort as an executive director. The new division will stand separate from UBS' loan syndications department, Repaci explained, adding that the group will only be participating in asset-based, secured loans, but not originating credits.
"The current environment provides opportunity for another lender [such as UBS]," Repaci noted, referring to the market's recent inflow of larger ABL deals such as Kmart's $2 billion exit credit. He explained that many companies looking for financing have businesses that best suit the ABL structure and need enough lenders to fill out the credits. The ABL portfolio will be diversified and also include middle-market syndicated loans, he added.
UBS is planning on hiring four to five more members for the ABL group, an official familiar with the situation added. The hiring would probably include a combination of internal and external recruits joining the department in the coming months, he said, noting that a hire on the portfolio management side would probably be the next staffer on board. Repaci did not comment if UBS had any specific prospects.
Repaci is reporting to Chris Ryan, UBS' head of global syndicated finance. "I really enjoyed my time and experience at GE and it had to be a special opportunity for me to leave. The chance to build a business at UBS is just that," Repaci said. At GE, Repaci had reported to Kevin Burke, the managing director for sales and market intelligence in the loan syndications group. Burke claimed the position after Richard Buckanavage had left the firm last March to start a new buyout fund (LMW, 4/14). The official said Repaci's position was close to being filled at GE, but Burke declined to comment.