PE Firms Form Tygris Commercial Finance

(Reuters)- Tygris Commercial Finance Group Inc, which plans to provide financing to mid-sized North American companies, announced its formation on Tuesday with more than $1.75 billion in equity commitments.

The company said it is being created in response to credit market problems that have made it difficult for mid-sized companies to obtain capital for liquidity and growth.

Tygris was founded by private equity firms Aquiline Capital Partners, New Mountain Capital and TPG Capital, it said in a statement. Key investors also include private equity firm Diamond Castle Holdings LLC and Hamilton Lane, which it said oversees more than $85 billion of assets.

Frederick Wolfert, former vice chairman of commercial finance at CIT Group Inc (CIT.N: Quote, Profile, Research) and president of Heller Financial Inc, was named Tygris's chief executive.

Tygris said it would acquire US Express Leasing Inc, an equipment finance company, from DLJ Merchant Banking Partners in an all-stock transaction and acquire substantially all of the assets and business of MarCap LLC, a middle market healthcare equipment finance company. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Quentin Bryar)