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.

Lorne Morein

Vice President

Lorne joined Callidus in July 2012 as an Associate, Underwriting & Portfolio. Lorne graduated from the Honours Business Administration (HBA) program at the Richard Ivey School of Business at the University of Western Ontario and began his career in finance in the Commercial Lending department of the Toronto Dominion Bank. During his four-year tenure at TD, Lorne progressed through positions in both loan origination and underwriting, which gave him exposure to a wide variety of industries. Lorne also holds a BA in Philosophy from the University of Western Ontario. When not in the office you can find Lorne at the gym, travelling, or trying new restaurants around the city.

Michael Pisani

Vice President

Michael joined Callidus in August 2017, with almost 20 years of experience in the financial services industry.  He has broad expertise across lending products and industries with an emphasis on asset based financing and workouts.  Most recently, as Workout Leader for Wells Fargo Equipment Finance (formerly GE Capital in Canada), he led a team of professionals charged with restructuring financial products and mitigating losses across a variety of lending platforms for a multi-billion dollar portfolio. Among his significant previous positions, Michael served as Vice President, Corporate Finance at GE Capital where he was responsible for leading the underwriting and portfolio management of senior, asset based, credit facilities to the mid-market.  Prior to joining GE in 2007, he was an Assistant Vice President for CIT Business Credit Canada. Michael holds an Honours Bachelor of Commerce degree from McMaster University and is a Chartered Professional Accountant.

Richard Choi

Associate Vice President

Richard joined Callidus in August 2015 as an Associate, Portfolio & Underwriting. Prior to joining Callidus, Richard spent 5 years at GE Capital in positions of increasing responsibility on the Risk Management team of the Corporate Lending and Leasing group. At GE Capital, his responsibilities included underwriting and portfolio management of a broad range of equipment financing and ABL transactions across various industries. He also has a wide range of prior experience which includes franchised restaurants and sales of financial products. Richard holds a BA in Economics from Simon Fraser University.

Steve Kolada

Associate Vice President

Steve joined Callidus in May 2013. Steve completed his undergraduate studies at Bishop's University, earning a BBA, with a double major in Finance and Economics. He was awarded the Chartered Financial Analyst designation in 2014. Prior to joining Callidus, Steve worked at Moneris Solutions as a Team Lead in the Commercial Credit group, with his duties focused on estimating, monitoring and managing credit exposure of a portfolio of companies across a wide range of industries. Steve is a sports fanatic (living the daily struggle as a Habs fan in Toronto) and enjoys watching movies and discovering new local restaurants.

Ian Ruberry

Associate

Ian joined Callidus as an Associate, Underwriting & Portfolio in February 2015. He began his finance career in the Commercial Lending Group of the Toronto Dominion Bank, where he worked on the origination side in both the Thunder Bay and Windsor markets, and then in TD's Special Loans Group in Toronto. During his five-year tenure at TD, Ian received exposure to a wide variety of industries and distressed debt situations across the country.

Fully bilingual in English and French, Ian holds an H.B. Comm degree with a major in Finance from Lakehead University. In 2014, he was awarded the Chartered Financial Analyst (CFA) designation. Outside of work, Ian can be found traveling, playing hockey, and volunteering with Daytrippers Children's Charity.


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."

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