NEW YORK, May 18, 2015 /PRNewswire/ -- First Capital, a commercial finance company with a national presence, announced that it has completed the sale of its three product businesses to separate buyers. Traditional factoring was sold to Sterling Bancorp (NYSE: STL) on May 7, 2015; Recourse Factoring was sold to Seacoast National Bank (NASDAQ: SBCF) on May 8, 2015; and Asset Based Lending was sold to Ares Commercial Finance LP, a fund managed by the commercial finance platform of Ares Management, L.P. (NYSE: ARES) on May 18, 2015. Values of the individual transactions were not disclosed by First Capital, a privately held corporation.
"We are pleased with the market success of our product businesses. These transactions position each business for the next logical step in their growth," said Lee Wilson, CEO of First Capital. "Our management team has successfully and simultaneously closed these three deals."
First Capital used the proceeds of the sales to fully repay its bank lenders and its term securitization. "We appreciate the longtime support and strong relationships we have enjoyed with our lenders," said Glen Stein, Chief Financial Officer of First Capital.
SunTrust Robinson Humphrey served as the exclusive financial advisor to First Capital in these three transactions. McDermott, Will & Emery served as legal counsel to First Capital.
About First Capital
First Capital provides customized and timely working capital financing solutions primarily to small and middle-market companies engaged mainly in manufacturing, distributing and business services with annual sales greater than $1 million. Lines of credit are in the form of Asset-Based Loans, Factoringor Invoice Purchasingarrangements ranging from $200,000 to $25 million. Originally formed in 1988, First Capital is one of the largest independent asset-based working capital lenders in the country. Headquartered in New York City, the firm has additional offices in Atlanta, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States. For more information, please visit the website at www.firstcapital.com and follow us on LinkedIn.
SOURCE First Capital