Due to the confidential and proprietary nature of its engagements, Fairfield Capital is unable to provide a full summary of its client relationships in this forum. We can, however, for pending engagements and upon request, provide specific references which we clear in advance with existing clients. Below we list three representative engagements which provide an idea of the type of services that Fairfield Capital has provided clients
Fifth Third Equipment Finance, Cincinnati, Ohio
Fifth Third Equipment Finance Company (FTEF) is a leading provider of lease and loan products for many different industries. The FTEF team has built a $6.4 billion portfolio and a client base that extends throughout all 50 states. A subsidiary of Fifth Third’s Commercial Bank, FTEF is among the top 10 bank-affiliated equipment finance companies in the country.
Due to the serious and unexpected illness of a senior capital markets executive in mid 2008, FTEF found itself short-handed and unable to hire a replacement due to a hiring freeze. Fairfield Capital was able to provide temporary capital markets support on a contract basis over an 18-month period until the ailing executive recovered and returned to work. Fairfield Capital enabled FTEF to fully support its new business development efforts during this difficult period and also achieve the fee income goals previously set for its capital markets group.
LS Power Group, New York, New York
Founded in 1990, LS Power (LSP) is an employee-owned, independent power company with offices in New York, New Jersey, Missouri and California. LSP is a developer, owner, operator and investor in power generation and electric transmission infrastructure throughout the United States. Since its inception, LSP has developed, constructed, managed or acquired more than 31,000 MW of competitive power generation and 470 miles of transmission infrastructure, for which it has raised over $29 billion in debt and equity financing.
In May 2007, LSP retained Fairfield Capital to advise it with respect to the purchase of equity investments in leveraged leases of nuclear power generating facilities originally placed in service in the late 1980’s. Fairfield Capital found over a dozen and a half institutional investors that were the original equity investors in these facilities, and identified several equity interests that were being, or about to be, offered for sale in the secondary market. We assisted LSP in their economic and document review of these transactions and even managed to locate and engage as special counsel the retired former tax partner of a major New York law firm who had drafted the original documents over twenty years earlier!
Plug Power Inc., Latham, New York
Plug Power Inc. (PPI) is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the industrial off-road (forklift or material handling) market and the stationary power market. Hydrogen fuel cells offer the potential for a clean and reliable alternative energy source regardless of the application. This diversity positions the industry as a key contributor to creating an increasingly sustainable landscape for reliable power generation on a broad scale.
Through an electrochemical reaction, fuel cells convert hydrogen fuel into power. Unlike toxic batteries, which have limited stored energy, fuel cells run continuously as long as fuel is provided. And, using hydrogen as the primary fuel source, the only byproducts generated are heat and water.
The architect of modern fuel cell technology, PPI is revolutionizing the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders, including Walmart, Sysco, Procter & Gamble, and Mercedes Benz, forged the path for PPI’s innovative GenKey hydrogen and fuel cell system solutions.
Plug Power retained Fairfield Capital in August 2015 to assist it in providing competitive, state-of-the-art lease financing solutions for its blue-chip customers and, ultimately, to set the groundwork for the formation of a captive customer financing business.
Relational Technology Solutions, Rolling Meadows, Illinois¹
At the end of the third quarter 2009, Relational’s lease portfolio consisted of approximately $500 million of assets leased to mid market and enterprise customers across the United States and Canada. Relational’s Technology Services Division, headquartered in Columbus, Ohio, provided technology hardware acquisition and integration services and unified communications solutions to mid market, enterprise and government customers.
Immediately after the market crash of 2008, it was nearly impossible to find investors for syndicated lease or secured loan transactions where the lessee/borrower was a financial services company. In mid-2009, RTS had a need to fund a series of transactions with one of its big clients in the financial services industry. After approaching over 30 investors, Fairfield Capital was finally able to help RTS raise $5 million in funding. We found an institution that banked the client, was familiar with its management and financial strength, and was looking to add more exposure especially at the premium yield that was being offered by RTS.
¹ On March 16, 2010, Macquarie Equipment Finance (MEF), a global provider of independent lease financing and asset management solutions, announced that it acquired the Technology Services Division of Relational Technology Solutions.