ATLANTA, Dec. 14 /PRNewswire/ -- Roark Capital Group, an Atlanta-based
private equity firm, announced today that it has acquired a majority position
in Ace Mortgage Funding. Headquartered in Indianapolis, Indiana, Ace is a
retail mortgage broker originating over $3 billion in residential mortgages
through 22 locations in 11 states. Ace principally offers debt consolidation
loans which allow customers to combine their existing home mortgage with their
non tax-deductible credit card, car and student loans to obtain one lower tax-
deductible mortgage payment.
"The management team at Ace, led by Richard Hall and Robert Gregory, has
succeeded in building one of the best positioned and fastest growing companies
in the mortgage industry," said Lawrence J. DeAngelo, Partner of Roark Capital
Hall, who along with Gregory will continue to lead the Company, stated,
"We are eager to capitalize on the opportunities our new partnership with
Roark will provide. Roark's expertise in financial services and access to
additional capital will help accelerate our growth plans."
Ace is Roark's second investment in a financial services firm and the
third acquisition in its $413 million fund raised in March 2005. In August
2005, Roark purchased McAlister's, an owner, operator and franchisor of a
chain of quick casual restaurants and Wood Structures, a manufacturer and
distributor of prefabricated roof and floor trusses, wall panels, and
engineered wood products.
About Ace Mortgage Funding
Ace, headquartered in Indianapolis, Indiana, is a retail mortgage broker
originating over $3 billion in residential mortgages with more than 600 loan
officers at 22 locations in 11 states. Ace is licensed in more than 40 states
and focuses on A and B debt consolidation loans. Ace originates non-
conforming, government (FHA-VA), HELOC, conforming and Alt-A loans. For
further information about Ace Mortgage Funding, please visit www.acerefi.com.
About Roark Capital Group
Roark Capital Group is an Atlanta-based private equity firm that acquires
majority positions in franchise, financial services, niche manufacturing, and
service businesses. Roark also targets family-owned businesses in the
Southeast. The firm, with more than $560 million of equity capital under
management, specializes in companies with attractive growth prospects and
revenues ranging from $20 million to $1.0 billion. For more information about
Roark Capital Group, please visit www.roarkcapital.com.
Contact: Julie Meyer, Fishman Public Relations, (847) 945-1300, ext. 233
SOURCE Roark Capital Group