Falfurrias Capital Partners today announced that it has sold its controlling ownership interest in Commercial Credit Group to Lovell Minnick Partners. The transaction comes just over two years after Falfurrias acquired the Charlotte based equipment lender in March 2010.
“We were able to provide capital to Commercial Credit Group during a time when most investors were shying away from the commercial lending market,” said Marc 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.”
Commercial Credit Group is 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, NC, CCG also has a full-service office in Naperville, IL (www.commercialcreditgroup.com).
“We generally target an investment horizon of four to seven years when making new investments,” said Mr. 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 makes equity investments of at least $3 million in companies with revenues in excess of $10 million and EBITDAs in excess of $2 million. Industries of interest include financial services; consumer products; health care; building products; diversified manufacturing; business services; education, training, and information services; and infrastructure services. Falfurrias was founded by former Bank of America Chairman and CEO Hugh McColl Jr. and former Bank of America CFO Marc Oken. The firm is based in Charlotte, NC (www.falfurriascapital.com).
Lovell Minnick Partners is currently investing Lovell Minnick Equity Partners III which closed in January 2010. This $455 fund has completed five investments to date and is focused on investments in various financial segments, including asset management, financial planning, financial product distribution, specialty finance, securities brokerage, banking, outsourcing providers and related companies specializing in administration services. The firm has $800 million of capital under management and has offices in Los Angeles, CA and Philadelphia, PA (www.LovellMinnick.com).
