Commercial Credit, parent company of Commercial Credit Group, an independent commercial equipment finance company, purchased the business operations of Transfac Capital as it expands into the accounts receivable factoring business.
With the closing of the transaction, Salt Lake City-based Transfac Capital will operate as a subsidiary of Commercial Credit and a sister company to CCG and will continue to provide accounts receivable factoring to middle market companies nationwide.
“The acquisition of Transfac Capital, an independent, industry leader, allows us to expand into a line of business which is highly complementary to CCG, our equipment finance business,” said Dan McDonough, Commercial Credit CEO. “It was very important to add a scalable business focused on the middle market, ensuring our ability to provide the best possible working capital solutions to CCG’s customers and conversely equipment finance to Transfac Capital’s customers. The Transfac team is quite accomplished and I cannot think of a better cultural fit.”
“This transaction is a great opportunity for Transfac. Our employees will now be part of a larger organization with room to grow and our customers will have access to additional services,” said S. Whitfield Lee, outgoing chairman and CEO.
With roots extending back more than 75 years, Transfac Capital is one of the longest operating financial service providers in the country. Formed as a co-op to process invoices for the transportation industry, Transfac Capital has evolved into a full-service accounts receivable finance provider for a variety of industries.