- Sale of Equipment Lender to Lovell Minnick Partners Marks Successful Exit
CHARLOTTE, May 10, 2012 — Falfurrias Capital Partners, a Charlotte-based private equity firm, today announced it has sold its controlling ownership interest in Commercial Credit Group Inc. to Lovell Minnick Partners, a global private equity firm focused on the financial services industry.
“We were able to provide capital to CCG during a time when most investors were shying away from the commercial lending market,” said Marc D. Oken, co-founder and managing partner of Falfurrias Capital Partners. “Our growth capital combined with management’s leadership enabled the company to take advantage of dislocations in the financial market and achieve outstanding growth and financial performance when most competitors were on the defensive.”
The transaction comes just over two years after Falfurrias acquired the Charlotte-based equipment lender in March 2010.
“We generally target an investment horizon of four to seven years when making new investments,” said Oken. “Commercial Credit Group’s need for additional growth capital as well as significant interest from prospective buyers offered Falfurrias an opportunity to provide an attractive return for our investors while bringing on a strong partner for Commercial Credit Group going forward.”
Falfurrias Capital Partners was advised by McGuireWoods LLP.
Falfurrias Capital, founded by former Bank of America Chairman and CEO Hugh McColl Jr., and former Bank of America CFO Marc D. Oken, is an active investor in the financial services sector and recently announced its investment in Dorsey Wright & Associates, a Richmond, Va.-based provider of technical investment research and money management products.
About Falfurrias Capital Partners
Falfurrias Capital Partners, founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America Chief Financial Officer Marc D. Oken, is a Charlotte-based private equity investment firm focused on acquiring or investing in a diverse portfolio of middle-market companies operating in the southeastern U.S. By leveraging the extensive strategic and operational experience and business relationships of the firm’s principals, Falfurrias Capital Partners is positioned to be a value-added partner for both its portfolio companies and its limited partners. For more information, visit www.falfurriascapital.com.
About Commercial Credit Group Inc.
CCG is a national, independent commercial equipment finance and leasing company focused on purchase money and refinance transactions in the construction, fleet transportation and waste industries. CCG sources its transactions through end-users, equipment vendors, and manufacturers. Headquartered in Charlotte, North Carolina, CCG also has a full-service office in Naperville, Illinois. For more information, visit www.commercialcreditgroup.com
Media Contacts:
Ken Gepfert or David Coburn, LGA
(704) 552-6565
gepfert@lgapr.com or coburn@lgapr.com
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