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.
For further information: Media Contact: DMG, Theo Dumont, [email protected], (818) 943-7876; Accord Financial Contact: Stuart Adair, Senior Vice President, Chief Financial Officer, [email protected], (416) 961-0007