Hovde Group announced that it represented Bethesda, MD-based Federal National Commercial Credit, Inc. (FNCC), a portfolio company of Pine Tree Equity Partners, has announced its sale to San Francisco, CA-based White Oak on behalf of its institutional investors. The transaction marks the first deal completed by Hovde’s recently established Specialty Finance Group.
Highlights of the deal include:
- The sale is Pine Tree Equity Partners’ second successful sale of a financial services portfolio company in partnership with management
- FNCC will continue to be led by its senior management team which consists of Kwesi Rogers (CEO) and Kysha Pierre-Louis (Chief Risk Officer)
- FNCC will benefit from expanded product offerings and deal sourcing capabilities available through the White Oak platform.
Said Kwesi Rogers, “Partnering with the seasoned team at White Oak will enable Federal National to continue the strategy we have so successfully executed with our previous private equity partner, Pine Tree Equity Partners, as well as to leverage other opportunities for growth; and in turn, provide even greater flexibility for our government and commercial factoring clients.”
Hovde served as exclusive financial advisor to FNCC.