NEW YORK, June 28, 2018 /PRNewswire/ -- Kalamata Capital LLC and Kings Cash Group LLC ("KCG"), leading providers of capital for small businesses, announced today that they entered into an agreement to merge operations effective July 1, 2018, as part of their continued efforts to support the hard work of small business owners and entrepreneurs.
The new entity will utilize the Kalamata Capital brand as the Kalamata Capital Group. The KCG brand will continue as an acronym for Kalamata Capital Group that will do business as "KCG." The combined entity and affiliates provide approximately $300 million of capital annually to over 5,000 small businesses.
Kalamata Capital and Kings Cash Group believe that small businesses are the engine of the new global economy, and that small business owners should be able to access the capital they need, when they need it, based on the strength of their businesses. Increasing access to capital is vital to the success of small businesses and their communities.
Michael Jaffe and Albert Gahfi have been designated the co-Presidents of Kalamata Capital Group LLC, the direct funding and operating entity, and will run the day-to-day operations. Steven Mandis, Brandon Laks, Carlos Max, and Connor Phillips will be the Chairman, Chief Operating Officer, Chief Financial Officer, and Chief Credit Officer, respectively, of the holding company, Kalamata Holdings LLC. All are members of the Executive Committee of Kalamata Holdings LLC.
Albert Gahfi of KCG said, "With this partnership we become the preeminent one stop solution for merchants and strategic partners in the industry. Strategic partners can submit one application, and we will quickly develop competitive, actionable solutions."
Michael Jaffe of KCG added, "With no debt, Kalamata Capital has one of the strongest balance sheets in the industry. Their Chairman Steven Mandis worked at Goldman Sachs, was a Senior Advisor to McKinsey, has a PhD from Columbia University and teaches at Columbia Business School. He has utilized that experience to build a distinctive partnership culture, established brand, and institutional-grade processes and procedures."
Steven Mandis, Chairman of Kalamata Capital, explained, "We know and value KCG's technology platform and people, and we believe their talent and capabilities will further strengthen our overall merchant value proposition. The partnership will enable us to better serve more small businesses by enhancing our underwriting capabilities to provide access to affordable business financing solutions to help them and their communities grow and thrive."
He continued, "KCG's co-Presidents Michael Jaffe and Albert Gahfi have a proven track record of running successful organizations. They have extensive knowledge to effectively compete in our industry. Most importantly, they are passionate about treating their community of small business merchants, strategic partners, and employees how they would want to be treated. This has enabled them to build enduring relationships based on trust."
Terms of the transaction were not disclosed.
About Kalamata Capital LLC
At Kalamata Capital, our mission is simple. We are passionate about providing fast and easy financing to small businesses to help them grow and create jobs. We combine technology, experience, and common sense to provide many financing options that work best with small businesses. We have real people who try to explain real, competitive and actionable solutions in easy-to-understand terms. We provide approvals for up to $750,000 in as little as 24 hours. We work with small businesses nationwide and in most industries. For more information, visit www.kalamata.com.
About Kings Cash Group LLC
As a Preferred Merchant Cash Advance Company, Kings Cash Group provides the much-needed capital to small businesses in a pragmatic and transparent fashion. As a leader in the Merchant Cash Advance space, Kings Cash Group has set a benchmark for progress while maintaining the highest standards of integrity in an ever-expanding industry. Utilizing its robust infrastructure and extensive relationships, Kings Cash Group has positioned itself as a prime-funder with a singular vision for the success of its small business merchants and strategic partners.
SOURCE Kalamata Capital LLC