Commercial Credit, a Charlotte, NC-based equipment and accounts receivable finance company and the parent company of Commercial Credit Group and Commercial Funding, acquired Keystone Equipment Finance. Terms of the transaction were not disclosed.
Based in Connecticut, Keystone Equipment Finance provides small-ticket equipment financing, specializing in the transportation and construction-related industries. Keystone will operate as a wholly-owned subsidiary of Commercial Credit and its operations and management will remain in place, with no expected change in personnel.
“The Keystone acquisition is highly attractive, as it expands our transaction range in the industries to which we are committed and know well,” Dan McDonough, president and CEO of Commercial Credit, said. “Importantly, we share many similarities with Keystone and look forward to working with Keystone’s accomplished management team as we continue to build our differentiated independent equipment finance business. Combining our highly complementary businesses will drive new benefits for both companies, our customers and employees.”
“The cultural fit and [Commercial Credit]’s resources are a perfect match to perpetuate our long and successful track record,” Todd Kaufman, president of Keystone Equipment Finance, said. “We are excited to provide our vendors and customers an expanded product line and continued exceptional service.”
Keefe, Bruyette & Woods advised Commercial Credit in connection with the transaction and Hovde Group advised Keystone Equipment Finance.