U.S. AIRCRAFT FINANCE ACQUIRED BY AMF HOLDINGS
U.S. Aircraft Finance, LLC (USAF) a nationally recognized leader in light aircraft lending, has been acquired by AMF Holdings, LLC (AMF). With generating over $400 million in loan value since inception, USAF provides loan origination, servicing and insurance-related services to customers nationwide.
BaldwinClarke’s investment banking division, Baldwin & Clarke Corporate Finance, LLC (BCCF) advised U.S. Aircraft Finance and its shareholders on its acquisition by AMF Holdings, LLC as their exclusive financial advisor on this transaction. BCCF represented USAF’s shareholders as they sought to find a well-suited new owner that could carry on the company’s tradition of excellent service to owners and operators of single engine and light twin engine aircraft. Terms of the transaction were not disclosed.
ICAD EXPANDS BOARD OF DIRECTORS
iCAD, Inc. (NASDAQ: ICAD), a global leader in AI-powered solutions that enable medical providers to detect cancer earlier and improve patient outcomes, announced the appointment of Michael J. Doyle to its board of directors. Doyle is currently the CEO of Spire Health, and has over 35 years of experience as a technology and health care executive working to harness the power of AI and machine learning to improve patient and health outcomes. “I am eager to support iCAD’s Management Team and Directors. Early detection is a critical path to better cancer outcomes and iCAD’s cutting edge AIpowered technology is at the forefront of innovation in the space,” said Doyle.
“We are thrilled to welcome Mr. Doyle to the iCAD Board of Directors,” said Dana Brown, President, CEO, and Chairman of the Board. “His extensive experience and expertise in the healthcare and technology industries will be invaluable as we continue to develop and deliver innovative AI-powered solutions that improve patient outcomes around the world.”
CITIZENS BUSINESS CONDITIONS INDEX RISES IN Q4
The national Citizens Business Conditions Index (CBCI) rose to 51.8 in the fourth quarter, supported by continued resilience in the labor market and consumer trends. The second consecutive quarterly reading above 50 indicates that the economy exited 2023 with momentum as signs of moderating inflation support optimism for a soft landing.
While applications for new businesses were slightly softer during the period, solid employment trends, particularly in Local Government and Healthcare, contributed to improving economic conditions in the fourth quarter. Healthcare and Consumer Services were once again among the top sectors, while the Basic Materials and Energy sectors faced headwinds during the period.
“The U.S. economy is entering 2024 on solid footing as the labor market has remained resilient and inflation has showed signs of normalizing,” said Eric Merlis, managing director and co-head of global markets at Citizens. “Moving forward, all eyes will be on the Fed and the timing and pace of rate cuts in the year ahead.”
The underlying components of the index showed a moderate improvement in the business environment during the fourth quarter. Two of the five components provided a boost to the index, while two were neutral and one weighed on the reading.
Other points of interest include: Solid employment trends, as measured by initial jobless claims, were a tailwind.
The ISM non-manufacturing component remained expansionary as consumers continued to spend on travel and recreational services.
The revenue data of Citizens Commercial Banking clients varied across regions as businesses in some geographies faced idiosyncratic headwinds during the quarter.
New business applications were marginally lower but remain elevated.
The ISM manufacturing component was contractionary for the fifth consecutive quarter.
Overall, the fourth quarter CBCI revealed a business environment that is reverting toward its long-term growth trend. While operating conditions remain mixed, the reading provides an optimistic starting point for 2024.
