Roark Capital Group Acquires the Assets of Millennium Funding Group
Ace Mortgage, a Roark portfolio company, buys mortgage banking platform
ATLANTA, Dec. 19 /PRNewswire/ -- Roark Capital Group, an Atlanta-based private equity firm, announced today the acquisition of Millennium Funding Group by Ace Mortgage Funding, a Roark portfolio company. Millennium is a wholesale loan originator that currently funds over $1 billion of annual volume through a network of 4,000 approved brokers primarily located in the Western U.S. and Florida. Millennium will become a wholly-owned subsidiary of Ace, a retail mortgage broker originating over $3 billion in residential mortgages through 700 loan officers at 26 locations licensed in 42 states. "We are pleased to facilitate Ace's vertical expansion into mortgage banking," said Lawrence J. DeAngelo, Partner of Roark Capital Group. Richard Hall, CEO of Ace Mortgage Funding, added, "Millennium will be a valuable addition to our business, providing Ace an integrated origination and aggregation platform. We look forward to working with the Millennium team to develop loan products that meet the needs of our customers." Millennium is Roark's fourth acquisition in the financial services sector. Other areas of focus are franchise brands (Roark has acquired 11 franchise companies) and direct marketing (Roark owns four direct marketing companies). About Roark Capital Group Roark Capital Group is an Atlanta-based private equity firm that acquires majority positions in franchise, direct marketing, financial services, niche manufacturing, and service businesses. The firm, with more than $500 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 please visit www.roarkcapital.com. About Ace Mortgage Funding Ace Mortgage Funding, headquartered in Indianapolis, Indiana, is a retail mortgage broker originating over $3 billion in residential mortgages through 700 brokers at 26 locations in 17 states. Ace principally offers debt consolidation loans, which allow customers to combine their existing mortgage with their non tax-deductible credit card, car and student loans to obtain one lower tax-deductible mortgage payment. Ace is licensed in more than 45 states and originates non-conforming, government (FHA-VA), HELOC, conforming and Alt- A loans. For more information please visit www.acerefi.com. About Millennium Funding Group Millennium Funding Group, based in Vancouver, Washington, is a national mortgage lender with over $1 billion in annual originations offering wholesale lending solutions to mortgage brokers and the secondary mortgage market. Millennium is dedicated to serving the broker community nationwide with specialized non-conforming and sub-prime products. For more information please visit www.mfgloans.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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