SAN DIEGO, April 12, 2012 /PRNewswire/ -- Five Point Capital, Inc. (the "Company" or "FPC") one of the nation's leading providers of equipment leases and working capital to small and medium sized businesses across the U.S., announced today the completion of its recent sale and transition of the company to David Gilbert, Founder and 50% shareholder of Five Point Capital, a San Diego-based entrepreneur.
Gilbert purchased all outstanding shares and interests from Dan Feder, the company's co-founder. Terms were not disclosed. Gilbert and Feder co-founded the San Diego based company in 1999 and served as co-CEOs until the hire of Greg Wells in 2009 as President and CEO. In addition to acquiring full ownership in the company, Gilbert will assume the position of CEO.
"I'm very excited to return to Five Point Capital and to build on the tremendous results achieved by Greg and his team over the past few years," said Gilbert. "Those terrific results, combined with improvements in the economy and leasing markets made it clear to me the time was right to return to the business. I have a huge passion for the leasing and lending markets and now as the 100% owner and CEO I look forward to leading FPC to many more successful years and helping companies throughout the US get the capital they need to grow."
"The time has come for me to part ways with the great company I co-founded and which helped so many small-business owners. I will always be proud of my work at Five Point Capital," Said Dan Feder. "It has been amazing to watch the company grow but the time was right for me to sell my 50% interest. My professional efforts will be focused on real estate opportunities, and other entrepreneurial ventures. I am confidant FPC will continue to succeed."
Under Wells' leadership, the company grew revenue during a period when many of their competitors disappeared. "Over the past few years we've reshaped Five Point Capital, expanded our products, improved our delivery system and increased sales and rebuilt our brand," commented Wells. "I want to thank our dedicated and talented team members for making FPC a success and for their passion in helping so many small business owners grow and thrive."
Wells, who prior to being named CEO at Five Point was a member of the executive leadership team at Vistage International and prior to that spent 18 years in senior leadership positions in the financial services industry, has transitioned to a new role as CEO of Sage Executive Group.
Sage is a San Diego based start-up that forms and operates CEO peer advisory groups, with groups already operating in San Diego and plans to expand throughout the United States.
SOURCE Five Point Capital, Inc.