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Sale of Equipment Lender to Lovell Minnick Partners Marks Successful Exit
CHARLOTTE, N.C., May 10, 2012 (BUSINESS WIRE) --
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 .
SOURCE: Falfurrias Capital Partners
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