First Capital completed the sale of its three product businesses to separate buyers. Traditional factoring was sold to Sterling Bancorp on May 7, 2015, Recourse Factoring was sold to Seacoast National Bank on May 8, 2015; and Asset Based Lending was sold to Ares Commercial Finance LP, a fund managed by the commercial finance platform of Ares Management, LP on May 18, 2015. Values of the individual transactions were not disclosed by First Capital, a privately held corporation.
First Capital used the proceeds of the sales to fully repay its bank lenders and its term securitization.
“We appreciate the longtime support and strong relationships we have enjoyed with our lenders,” said Glen Stein, CFO of First Capital.
SunTrust Robinson Humphrey served as the exclusive financial advisor to First Capital in these three transactions. McDermott, Will & Emery served as legal counsel to First Capital.
“We are pleased with the market success of our product businesses. These transactions position each business for the next logical step in their growth,” said Lee Wilson, CEO of First Capital. “Our management team has successfully and simultaneously closed these three deals.”