TCF Capital Funding ("TCFCF"), the Chicago-based cash flow and asset-based lending division of TCF National Bank (“TCF Bank”), announced that it provided $13 million of secured financing to support the acquisition of eCommission Financial Services, Inc. (“eCommission” or the “Company”) by Pennsylvania-based private equity firm, Milestone Partners.
eCommission is the most established company in the real estate commission factoring industry. eCommission purchases commissions from real estate agents and brokers to help them better manage their business cash flow. eCommission enjoys alliance partnerships with most major national real estate brands and provides its services throughout the United States.
“Given Milestone’s experience in financial services and eCommission’s leading position in this space, we are thrilled to support the continued growth of the company,” said TCF Capital Funding Senior Vice President Jim Kuncl.
TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA.
TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national bank holding company. As of June 30, 2014, TCF had $18.8 billion in total assets and 380 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance business in the U.S. and Canada.
Milestone Partners is a private equity firm that partners with management to invest in leveraged buyouts and recapitalizations of lower middle market businesses. Milestone pursues successful niche-market leaders that provide high-margin products or services. Milestone’s transactions typically provide liquidity to shareholders of privately owned businesses, facilitate the transition of ownership to key managers, and allow management to capitalize on growth opportunities, while maintaining the legacy of the founders.