Management Team

Portfolio and Underwriting

Bert Crossin

Vice President

Bert joined Callidus in March 2015, bringing close to 20 years of experience in various areas of commercial mid-market financing. He has spent more than a decade in the asset based lending industry, starting as an underwriter for Royal Bank and more recently, as a senior member of the team that established Wells Fargo’s asset based lending office in Canada. Activities at Wells Fargo were primarily sales orientated (transaction structuring and analysis) with a secondary focus on underwriting. Prior to joining Callidus, he was VP Underwriting & Portfolio Management with Alignvest Private Debt where his responsibilities included sourcing, underwriting and overseeing a portfolio of alternative debt investments. Bert has a B-Comm degree with honours in Finance from Dalhousie University.

Michael Goffin

Vice President

Prior to joining Callidus in August 2015, Michael was a Partner with Linton Capital LLP, a UK-based boutique fund manager focused on debt, expansion capital and private equity investments. He was previously a Partner with a long-standing Canadian-based expansion and debt capital firm. With over 18 years of experience in investment management, restructuring, debt and growth capital, accounting and corporate finance, Michael has held progressive financial positions in the services industry and manufacturing sector. He received his Bachelor degree from the University of Toronto, St. Michael’s College and holds a CPA, CGA designation.

Transaction Highlight

US Acquisition US $72,500,000 Financing Deal for an Oil and Gas Services Company

Callidus provided the purchasers of a U.S. based oil and gas services company ("Serviceco") with an operating line of credit of US $12,500,000 (secured by working capital assets) and a term loan of US $60,000,000 (secured by machinery and equipment). The proceeds were used by our client to assist with purchase of the shares of Serviceco, and fund ongoing working capital so the business could realize Serviceco's turnaround.

Serviceco had a successful history of operating and financial performance. However, a decision by the prior owners to reposition its service fleet caused a decline in performance as utilization dropped during the transition period. This decline in performance meant the existing senior bank lender was not prepared to support the new owners looking to acquire the business.

The company had already proceeded with another lender for financing the acquisition; however, this lender could not close the transaction. The buyers of Serviceco approached Callidus to determine if we could step in and provide the acquisition financing.

The Serviceco buyers required a lender which was comfortable with leveraging the assets of the company, and had the insight to understand what caused the downturn in the performance of the company, and see the turnaround. Callidus stepped in and closed the financing in seven weeks. As the company wanted a committed financing facility for two years, Callidus was able to structure financial covenants that fit with the company's forecast. Callidus was able to offer a principal repayment holiday on the term loan to take the pressure off the company's cash flow allowing the new owners to focus on the operations of the business following their purchase. Principal repayments on the term loan were tied to the depreciable life of the equipment, affording additional relief to Serviceco's annual debt repayment obligations. Serviceco's CFO affirms, "Callidus was able to structure a financing program catered to our needs - something that no other lender could do. The responsiveness with which Callidus put together the financing program meant that we didn't skip a beat in our acquisition plans."