Lovell Minnick Partners is pleased to announce the acquisition of a majority interest in Commercial Credit Group Inc. (“CCG”), a leading commercial and equipment finance company focused on the fleet transportation, waste management, and construction industries.
Led by an experienced group of industry executives, CCG has emerged as a nationwide player in the equipment finance sector. Since its inception in 2004, CCG has originated over $1 billion of finance receivables. CCG’s growth has been guided by a deep commitment to its conservative underwriting principles, resulting in industry-leading asset quality performance and continued growth in profitability.
Proceeds from the transaction will be used to support CCG’s future growth and provide liquidity to certain institutional shareholders. The senior management team of CCG will continue to have a significant ownership interest in the firm.
CCG Co-Founder and Chief Executive Officer Dan McDonough commented, “With this investment by Lovell Minnick, we are pleased to add a scalable equity capital partner who embraces our vision for growth. Lovell Minnick has a track record of developing successful, high growth companies, and their exclusive focus on financial services enables them to effectively support the execution of our growth plan.”
Lovell Minnick Managing Director John Cochran added, “Following the financial crisis, the equipment finance market, like many segments of the credit markets, has undergone significant competitive dislocation, marked by the departure or pull back of many industry players. CCG’s management, with its niche focus and client-centric philosophy, has expertly navigated this environment. We are excited to partner with such an accomplished team.”
Keefe, Bruyette & Woods Inc. (NYSE: KBW) acted as the exclusive financial advisor to CCG in connection with the transaction.
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