CCG Acquires Machine Tool Finance Business
CCG provides secured loans and leases ranging from $100,000 to $2,500,000 to small and mid-sized metal fabrication and machine shops.
Posted: February 21, 2017
Commercial Credit Group Inc. (CCG; Charlotte, NC), a leading independent commercial equipment finance company, announced their purchase of the machine tool finance business of Manufacturers Capital, LLC (New Smyrna Beach, FL), thus expanding into the machine tool and manufacturing industry. With the closing of the transaction, the Manufacturers Capital team will operate as a division of CCG and will continue to provide outstanding service to the machine tool and manufacturing industries.
Manufacturers Capital provides commercial loans and leases for machine tool and fabrication equipment to manufacturing companies located throughout the United States. The Manufacturers Capital team uses its knowledge of the machine tool market to develop close relationships with equipment vendors in order to deliver custom tailored finance solutions to end-user manufacturing customers. CCG is an independent commercial equipment finance company that provides secured loans and leases to small and mid-sized businesses in the machine tool, manufacturing and construction industries, with typical transaction sizes ranging from $100,000 to $2,500,000.
“Their significant funding capabilities and operating scale enable us to enhance our industry-leading customer experience by offering an extensive selection of financing options. The similarities in our cultures and senior management provides for a seamless transition to our new partner. Our entire team is excited to become part of their family,” said David Goose, the senior vice president of Manufacturers Capital.
“This acquisition of an independent industry leader allows us to expand into a new, yet similarly structured market to our existing business, led by a very accomplished group of professionals,” notes Dan McDonough, the co-founder and chief executive officer of CCG. “Many of our senior managers have previously worked with Mr. Goose and the Manufacturers Capital team, and I cannot think of a better cultural fit to further enhance our growth opportunities.”
www.commercialcreditgroup.com, www.mfrscapital.com
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