Roark Capital Group Acquires Ace Mortgage Funding
Atlanta-based private equity firm purchases second financial services company
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 Group. 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 or firstname.lastname@example.org
SOURCE Roark Capital Group
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