March 8, 2010
COMMERCIAL CREDIT GROUP INC CLOSES EQUITY TRANSACTION
Charlotte, NC (March 8, 2010) – Commercial Credit Group Inc. (CCG), announced today the closing of its fifth round of long-term capital. The capital was provided by Falfurrias Capital Partners a Charlotte-based private equity firm along with current investor Archbrook Capital Management LLC and other institutional investors. The transaction totaled approximately $20,000,000 and included the purchase of preferred stock. The proceeds of the transaction will be used to fund the Company’s growth.
“Joining forces with Falfurrias will enable our team to execute our growth strategy that has been made possible by the dislocation in the financial markets,” said Commercial Credit Group President and CEO Dan McDonough. “We are confident that Falfurrias’ equity investment will enable us to gain additional market share at a time when few of our competitors are managing their businesses toward growth.”
“We have been extremely impressed by Commercial Credit Group’s management team and its ability to maintain strong financial performance through one of the most difficult economic downturns of the last century,” said Marc Oken, co-founder and managing partner of Falfurrias Capital. “We look forward to leveraging the industry knowledge and relationships that our principals have developed over the last 50 years in the financial services sector to be a value-added partner in the future growth and success of Commercial Credit Group.”
Falfurrias Capital Partners will join CCG’s existing equity and senior subordinated debt holders: Archbrook Capital Management LLC, Allied Capital Corporation, CCG’s Management, and other institutional investors.
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. We source our transactions through end-users, equipment vendors and manufacturers. Our typical transaction size ranges from $100,000 to $2,500,000. Headquartered in Charlotte, North Carolina, CCG also has a full-service office in Naperville, Illinois. Our experienced sales team operates throughout the United States. For more information, visit www.commercialcreditgroup.com.
About Falfurrias Capital Partners
Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America, and Marc Oken, former CFO of Bank of America. The firm is focused on acquiring or investing in a diverse portfolio of growth oriented middle market companies. 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.