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.
CHARLOTTE, NC (PRWEB)
August 01, 2017
Commercial Credit, Inc., parent company of Commercial Credit Group Inc. (CCG), a leading independent commercial equipment finance company, today announced the purchase of the business operations of Transfac Capital, Inc., thus expanding into the accounts receivable factoring business. With the closing of the transaction, Salt Lake City-based Transfac Capital, Inc. will operate as a subsidiary of Commercial Credit, Inc 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,” notes Commercial Credit CEO, Dan McDonough. “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.” commented S. Whitfield Lee, outgoing Chairman and CEO.
With roots extending back 75+ years, Transfac Capital prides itself on being one of the longest operating financial service providers in the country. Formed as a co-op created to process invoices for the transportation industry, Transfac Capital has evolved into a full-service accounts receivable finance provider for a variety of industries.
About Commercial Credit, Inc.:
Commercial Credit, Inc., through its wholly owned subsidiaries Commercial Credit Group Inc. (including its division Manufacturers Capital) and Transfac Capital, Inc., provides secured loans and leases to small and mid-sized businesses in the construction, fleet transportation, machine tool…