NEW YORK, May 18, 2015 /PRNewswire/ -- First Capital,
a commercial finance company with a national presence, announced
that it has completed the sale of its three product businesses to
separate buyers. Traditional factoring was sold to Sterling
Bancorp (NYSE: STL) on May 7, 2015;
Recourse Factoring was sold to Seacoast National Bank (NASDAQ:
SBCF) on May 8, 2015; and Asset Based
Lending was sold to Ares Commercial Finance LP, a fund managed by
the commercial finance platform of Ares Management, L.P. (NYSE:
ARES) on May 18, 2015. Values
of the individual transactions were not disclosed by First Capital,
a privately held corporation.
"We are pleased with the market success of our product
businesses. These transactions position each business for the
next logical step in their growth," said Lee Wilson, CEO of First
Capital. "Our management team has successfully and
simultaneously closed these three deals."
First Capital used the proceeds of the sales to fully repay its
bank lenders and its term securitization. "We appreciate the
longtime support and strong relationships we have enjoyed with our
lenders," said Glen Stein, Chief Financial Officer of First
Capital.
SunTrust Robinson Humphrey served as the exclusive financial
advisor to First Capital in these three transactions.
McDermott, Will & Emery served as legal counsel to First
Capital.
About First Capital
First Capital provides customized and timely working
capital financing solutions primarily to small and
middle-market companies engaged mainly in manufacturing,
distributing and business services with annual sales greater than
$1 million. Lines of credit are
in the form of Asset-Based Loans, Factoringor Invoice
Purchasingarrangements ranging from $200,000 to $25
million. Originally formed in 1988, First Capital is
one of the largest independent asset-based working capital lenders
in the country. Headquartered in New York City, the firm has
additional offices in Atlanta, Boynton
Beach, Chicago,
Dallas, Los Angeles, and Oklahoma City with regional sales offices
located across the United States.
For more information, please visit the website at
www.firstcapital.com and follow us on LinkedIn.
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SOURCE First Capital