Great Elm Capital acquired 80% of the outstanding equity interests in Prestige Capital (PCC) from PCC’s retiring founder, Harvey Kaminski.
PCC is a commercial finance company specializing in factoring for early stage and mid-sized companies.
Alan Eliasof and Stuart Rosenthal, who have each been with PCC and worked with Kaminski for more than 20 years, will continue to own the remaining equity in PCC. They will manage PCC as CEO and president, respectively. Kaminski will continue to provide consulting services to PCC during its transition over the next year.
“PCC has an excellent, long-term track record of profitably growing its business while maintaining a very strong underwriting culture,” said Peter A. Reed, Great Elm CEO. “The combination of PCC’s strong operations and highly scalable business model, further enhanced by the company’s first-class employees, make this an exciting investment for GECC.”
Eliasof commented, “We are grateful to Mr. Kaminski for his vision and stewardship of Prestige Capital Corporation since its founding in 1985. Over that time, PCC substantially grew its book of factored receivables across a broad set of industries. With our national reach and a strong capital partner like GECC, we expect to be able to further expand PCC’s business of offering customers fast and simple cash flow solutions.”
Janney Montgomery Scott advised Kaminski in the transaction with Great Elm.
