NEW YORK, July 12, 2021 / PRNewswire / – Tiger Infrastructure has announced that Sunlight Financial (“Sunlight”), a leading technology-based point-of-sale finance company, has completed its previously announced business combination (the ” ”) With Spartan Acquisition Corp. II (“Spartan”) (NYSE: SPRQ), a publicly traded special purpose acquisition company sponsored by funds managed by a subsidiary of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”).
The combined company is named Sunlight Financial Holdings Inc. and on July 12, 2021 its common stock began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “SUNL”. Sunlight Financial LLC will be the sole operating subsidiary of the new public holding company and Sunlight’s existing management team will continue to lead the business.
Tiger Infrastructure, Sunlight’s original institutional shareholder, has worked closely with Sunlight since the start of its high growth journey. Sunlight provides loans through distribution partners to homeowners for the installation of rooftop solar infrastructure and other residential infrastructure such as batteries and various home improvements. At the time of Tiger’s investment, Sunlight only had one channel partner. Today, Sunlight has more than 1,000 channel partners through which it has activated more than 100,000 solar energy systems providing more than $ 4 billion in loans. Tiger Infrastructure remains the biggest investor after the merger.
Emil W. Henry, Jr, CEO of Tiger Infrastructure and Chairman of the Board of Sunlight, said: “Prior to our investment in Sunlight, Tiger was attracted to the solar energy market given favorable industry winds and growth prospects. and continued penetration in the United States. After much research, we have seen the best return potential, in line with our growth infrastructure goal, in Sunlight’s simple yet robust business model, which creates stable and reliable long-term cash flow from loans. that it provides to high quality counterparties. Matt and his team have executed with great skill in making Sunlight a leading player in their core solar markets, and they have demonstrated their ability to skillfully penetrate adjacent markets such as batteries and home renovations. “
Marc Blair, Managing Director of Tiger Infrastructure, added: “. adept at applying these skills as they were successful in expanding their initial platform from a utility owned distribution partner from the start and penetrating adjacent markets beyond solar assets.
Matt Potère, CEO of Sunlight, said, “We greatly appreciate our successful affiliation with Tiger Infrastructure. It was natural and organic for Tiger to become Sunlight’s first institutional shareholder. Sunlight matched Tiger’s growth mandate, and in Tiger, I saw a value-added partner with deep and relevant experience and with a practical and helpful approach. My team and I look forward to continuing to work closely with Tiger in the years to come.
About Sunlight Financial
Sunlight Financial is a leading technology-enabled point-of-sale finance company. Sunlight is partnering with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s cutting-edge technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for entrepreneurs and homeowners. For more information visit www.sunlightfinancial.com.
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is a mid-sized private equity firm investing in growing infrastructure platforms. Tiger Infrastructure Partners targets investments in communications, energy transition, transport and related sectors, mainly located in North America and Europe. For more information visit www.tigerinfrastructure.com.
SOURCE Tiger infrastructure partners
