Commercial Credit, Inc. (CCI), a Charlotte, NC-based equipment and accounts receivable finance company and the parent company of Commercial Credit Group Inc. (CCG) and Commercial Funding Inc., announced it has acquired Keystone Equipment Finance Corp. Terms of the transaction were not disclosed.
Based in Connecticut, Keystone Equipment Finance Corp. provides small-ticket equipment financing specializing in the transportation and construction related industries. Keystone will operate as a wholly owned subsidiary of CCI, gaining and leveraging CCI’s extensive resources. Keystone’s operations and management will remain in place, with no expected change in personnel.
Dan McDonough, President and CEO of CCI, said, “The Keystone acquisition is highly attractive as it expands our transaction range in the industries to which we are committed and know well. Importantly, we share many similarities with Keystone and look forward to working with Keystone’s accomplished management team as we continue to build our differentiated independent equipment finance business. Combining our highly complementary businesses will drive new benefits for both companies, our customers, and employees.”
Todd Kaufman, President of Keystone, said, “The cultural fit and CCI’s resources are a perfect match to perpetuate our long and successful track record. We are excited to provide our vendors and customers an expanded product line and continued exceptional service.”
Keefe, Bruyette & Woods, Inc., a Stifel Company (NYSE: SF), advised CCI in connection with the transaction and Hovde Group advised Keystone Equipment Finance Corp.
Commercial Credit, Inc. is headquartered in Charlotte, NC, and operates full-service offices in Buffalo, NY, Naperville, IL, Hamilton, ON and Salt Lake City, UT. Keystone Equipment Finance Corp., based in West Hartford, CT, is a nationwide provider of small-ticket equipment financing solutions specializing in the transportation and construction related industries. Keystone was originally founded in 1972.
For more equipment finance industry news, vist Equipment Finance Advisor.