Chicago, IL – October 26, 2010
Flexpoint Ford, LLC, a private equity firm dedicated to the financial services and healthcare sectors, announced today that it has acquired a majority interest in Financial Pacific Leasing, LLC from Ares Capital Corporation. Financial Pacific is a specialized commercial finance company focused on providing leases for essential business equipment to small businesses nationwide.
In conjunction with the closing of the acquisition, Financial Pacific has extended and increased its syndicated credit facility, led by Bank of America, from $155 million to $192 million. The company has also renewed its existing $100 million structured warehouse facility with WestLB.
“Financial Pacific has an excellent history of success as a niche lessor in the specialty finance industry, and we are excited by the opportunity to partner with the company’s experienced management team”, said Chris Ackerman, Principal of Flexpoint Ford. “The company’s excellent underwriting and servicing platform, combined with its nationwide origination network, makes Financial Pacific a unique platform investment in the small business credit marketplace.”
“It is a great feeling to bring together the proven business model of Financial Pacific with the capital and expertise of Flexpoint Ford, along with the support and confidence of our lenders”, said Paul Menzel, President and CEO of Financial Pacific. “We are looking forward to leveraging the expertise of Flexpoint Ford in the financial services and risk management industries to capture the exciting market opportunity in front of Financial Pacific today. We are better positioned than at any time in our history to be able to provide critical access to capital for equipment acquisition by small businesses in the United States through our network of third party origination partners, together with their equipment vendors.”
Financial Pacific Leasing is a specialty finance lender headquartered in Federal Way, Washington. The company has been an important source of capital for small businesses throughout the United States for over 35 years. Financial Pacific’s programs support long term, third party originators in meeting the equipment acquisition needs of their clients. The VendorFlex program helps equipment vendors approve more of their customers and optimize sales opportunities. For more information about Financial Pacific, please visit www.finpac.com.
Flexpoint Ford, LLC is an equity investment firm focused on the healthcare and financial services industries. Flexpoint seeks to build relationships with executives and companies who look for Flexpoint to be a value-added partner. Flexpoint aims to invest $10 to $100 million of equity in each opportunity.