CHARLOTTE, NC (February 15, 2017) – Commercial Credit Group Inc. (CCG), a leading independent commercial equipment finance company, today announced the purchase of the machine tool finance business of Manufacturers Capital, LLC., thus expanding into the machine tool and manufacturing industry. With the closing of the transaction, the Manufacturers Capital team will operate as a division of CCG and will continue to provide outstanding service to the machine tool, fabrication, and manufacturing industries.
“The acquisition of Manufacturers Capital, an independent, industry leader, allows us to expand into a new, yet similarly structured market to our existing business, led by a very accomplished group of professionals,” notes CCG Co-founder and CEO, Dan McDonough. “Many senior managers of CCG have previously worked with Mr. Goose and the Manufacturers Capital team and I cannot think of a better cultural fit to further enhance our growth opportunities.”
“CCG’s significant funding capabilities and operating scale enable us to enhance our industry-leading customer experience by offering an extensive selection of financing options. The similarities in our cultures and senior management provide for a seamless transition to our new partner. The entire Manufacturers Capital team is excited to become part of the CCG family.” said Senior Vice President, David Goose.
Manufacturers Capital provides commercial loans and leases for machine tool and fabrication equipment to manufacturing companies located throughout the United States. The Manufacturers Capital team uses its knowledge of the machine tool and fabrication markets to develop close relationships with equipment vendors in order to deliver custom tailored finance solutions to end user manufacturing customers. The acquisition allows Manufacturers Capital to expand the financial service offerings to their customers, including debt consolidation, refinancing, working capital loans and accounts receivable financing.
The Manufacturers Capital team will work out of the CCG headquarters in Charlotte, NC.